Applegreen is set to expand further in the US after agreeing a deal for a network of 43 petrol filling station sites in Florida from CrossAmerica Partners (CAP).
Under the terms of the arrangement, Applegreen will enter into a long-term agreement to lease the property assets from CAP. This transaction is expected to complete, subject to a number of conditions, in the third quarter of this year.
Applegreen chairman Daniel Kitchen said: “We are delighted to build on our existing relationship with CAP given our continued focus on expanding our operations in the US market.
“We believe this transaction provides us with the ability to leverage our operational expertise and enhance the retail offering at these locations. It also further increases our footprint in the South East following our successful acquisition of the Brandi Group in South Carolina last October.”
He announced the deal at Applegreen’s AGM in Dublin on June 6. In his report to shareholders, he said: “Applegreen had a positive start to the 2018 financial year with trading results continuing to improve on the prior year. The severe weather in March however affected business across all our markets but particularly in Ireland, while recent international fuel price increases have adversely impacted on fuel margins.
“The group has continued to invest in the estate with a total of 24 sites being added to the portfolio since 31 December 2017. Seven new sites were added in the Republic of Ireland, 14 new sites in the UK and three new sites in the US. Two of the new sites in the Republic of Ireland were service areas.”