Applegreen has reached agreement to acquire a network of seven sites from its fellow Top 50 Indie Carsley Group, consisting of six service areas and one petrol filling station in the UK. The service area sites are predominantly located on the major arterial route of the A1 (M).
Under the terms of the acquisition, Applegreen will acquire the business for a consideration of £21m, which will be funded from existing company resources. The transaction is expected to complete early in the fourth quarter of 2017.
Applegreen chief executive officer Bob Etchingham (above) said: “This transaction will accelerate our strategy to establish a major service area presence in the UK market, complementing our strong position in Ireland and growing footprint in the United States.
“The service area sites we are acquiring are well located on very busy roads with a number situated on the A1, which is a major arterial route. The assets being acquired provide a set of large and strategically important sites that can accelerate Applegreen’s growth in this key marketplace.
“This acquisition demonstrates our commitment to enhancing our existing estate in the UK and leveraging our expertise in operating high quality service areas offerings with a strong food-to-go focus for the benefit of our customers.”
Carsley Group is based in Newark, Nottinghamshire, and was ranked 33 in the most recent Forecourt Trader Top 50 Indies with nine sites. BP has been its fuel supplier since 1998 and it most recently signed a five-year deal in 2015 for more than 45mlpa of fuel.
In 2014 Carley Group won the Forecourt Trader of the Year Award for the Best Design & Development for its Wyboston Service Station on the A1 at Wyboston, Bedfordshire, which has an eye-catching W-shaped canopy.