One of the leading Top 50 Indies, Penny Petroleum, has added to its estate with the acquisition of Stannington Service Station in Morpeth, Northumberland.
The deal was arranged by Christie & Co, which acted for its retained client Penny Petroleum, and follows another smaller acquisition of Gillens Filling Station in Hartlepool earlier in January.
It was a key strategic purchase to boost the firm’s existing presence on the A1 southbound in addition to sites at Lindisfarne, Beal, Fairmoor in Morpeth and beyond now Stannington.
This site is adjacent to the A1 and is busy with commuters travelling from towns such as Bedlington and Morpeth. The service station requires modernisation and offers an opportunity for the large group to improve the shop offering for local residents and regular customers.
Christie & Co director Andrew Birnie commented: “I have been selling forecourts from Northumberland to Yorkshire for over 10 years and always wanted to sell this site in Stannington. I have used it as a customer for many years with it being in my home region and could see great potential for a new owner.
“I knew David Penny was keen on adding the forecourt to his company site list and we had previously worked with him and the owner of Stannington on the acquisition of another site at Bebside in Northumberland. It took some time to persuade John the owner to let go of this site. Knowing the standard of Penny Petroleum sites, I am sure Stannington will benefit from a boost of new ideas and investment with a shop refit and likely a full range of convenience and alcohol products to follow. I wish David good luck with the future of the site and thank John for agreeing to work with us on the deal.”