Following on from the recent purchase of West Highway Service Station in Glasgow, Euro Garages has secured a second acquisition, Guthrie Bros in Montrose, through specialist business property adviser, Christie & Co.
Guthrie Bros is located on Northesk Road and was established in 1949 including a Ford dealership which sat alongside the forecourt but has now closed. As part of the deal, Christie & Co secured the purchase of the Esso-branded petrol station and convenience store, on behalf of Euro Garages, which plans to develop the site and introduce a drive-through coffee shop.
Having completed on their acquisition of West Highway Service Station in Glasgow in June, this sale marks the second purchase of a forecourt business in Scotland by Euro Garages in as many months, establishing a solid presence in the market.
Directors of Guthrie Bros, George and Derek Mitchell commented: “Although it was sad to see the Ford side of the business close, it was an exciting opportunity for the site and we look forward to seeing it develop. We have been fortunate to work with good staff in all sides of the business as well as have loyal and appreciative customers. We are grateful to Christie & Co for all their work with this deal and wish Euro Garages well with their latest acquisition.”
Neil Findlay at Euro Garages said: “We are delighted to acquire Guthrie Bros from the Mitchell family. This long-standing and successful petrol station and forecourt business will undoubtedly prove to be another fantastic addition to our expanding Scottish estate. We have plans to develop the business beyond its current layout which will hopefully be a welcome addition to the town of Montrose.”
Daniel Arrandale, director at Christie & Co’s Edinburgh office, handled the purchase and commented: “This is another significant and high-profile deal within the Scottish forecourt market. While Euro Garages’ general expansion plans are well known, particularly with their new to industry site strategy, both of these recent deals clearly show their appetite for going concerns remains strong, especially where there is the ability to add value to an already established operation.
“The petrol forecourt market as a whole remains extremely active and we are seeing a noticeable shift forward in pricing overall.”
The business was sold for an undisclosed price.