Euro Garages has bought four more forecourt sites from the stricken former Top 50 Indie High Noon Stores, which went into administration in January.
Specialist business property adviser Christie & Co has facilitated the completion of the sale of a group of four leasehold petrol forecourt sites in the South West and Wales. This follows the initial group of four leasehold forecourts that were sold in January.
Both groups came to the market in quick succession with the first group initially through the administrator of High Noon, Greg Palfrey at Smith & Williamson.
Christie & Co ran a short but targeted campaign on both groups, and said it resulted in strong interest from all corners of the market.
Euro Garages acquired both groups for an undisclosed sum and completed the deals within 3-4 weeks. It intends to reopen the sites within the next few weeks after refurbishment and re-imaging.
Zuber Issa, co-CEO of Euro Garages, commented: “These acquisitions follow a carefully planned growth strategy and supplement our existing international portfolio well. Since the beginning of February alone, we have completed the acquisitions of the UK-wide Little Chef site portfolio and the former High Noon petrol forecourts. Each of these deals were handled entirely in-house, demonstrating the quality of our team and our ability to bring deals to a close very quickly.”
Dave Morris of Christie & Co’s Bristol office said: “It has been a very busy start to 2017 with interest exceeding expectation on both groups of forecourts. We expect this level of interest in the sector to continue during 2017 with the forecourt market remaining buoyant.”
Steve Rodell, managing director of Retail at Christie & Co, commented: “Both processes illustrate that a carefully planned and executed sales process involving multiple buyers is likely to result in the best deal for vendors.
“Anyone considering an exit should take professional advice based on sound and current market activity.”