Top 50 Indie Penny Petroleum Group has acquired Fencehouses Service Station in Houghton-le-Spring, County Durham, through specialist business property adviser Christie & Co, for an undisclosed price.
The petrol filling station has an unbranded forecourt shop and additional rental income from two tenants, a long-standing car sales and a pizza takeaway business.
David Penny of Penny Petroleum Group commented: “We are very pleased to welcome this site on board, we believe it has great potential and will fit well within Penny Petroleum. We already have plans in place that will see us add more services, invest in new equipment and extend product ranges. We are looking forward to seeing this site develop and grow.”
Andrew Birnie, director at Christie & Co’s Newcastle office who handled the transaction, commented: “The previous owner wanted to sell in order to retire from petrol retailing and the site offered huge growth potential by increasing the shop size and introducing convenience and off-licence goods.
“The site also benefitted from excellent rental income from the two tenants and strong fuel sales. We expect this to be an excellent addition to the Penny Petroleum Group.”
In the most recent edition of the Forecourt Trader Top 50 Indies Penny Petroleum was ranked eighth with 47 sites.