Platinum Retail acquires a further forecourt in Rotherham
Specialist business property adviser, Christie & Co, has brokered the sale Dearnside Motor Co in Rotherham on behalf of the shareholders.
Instructed in late November 2015, Christie & Co was asked to secure a ‘premium’ figure for the business which had been in the shareholding family for over 40 years and came about as the owner wished to retire.
Located on the A635 Barnsley Road between Barnsley and Doncaster, this traditional high-volume roadside filling station trading as Texaco with a Costcutter shop, sold six million litres per annum with circa £30,000 shop sales per week, making this a premium site to acquire.
Following a highly confidential marketing campaign, Christie & Co approached a select number of existing forecourt operators across the UK and generated a number of competitive offers from a range of top 50 independent operators. Due to the sensitive nature of the sale, all interested parties, which ranged from small single site operators to large multi-site operators, were asked to register their interest and agree to the confidential nature of the sale.
The business was sold to Platinum Retail, currently positioned at #12 on the Forecourt Trader top 50 Indies list, in late February 2016, for a substantial but undisclosed amount, with completion taking place on 12 August.
Jon Booth, Business Agent at Christie & Co’s Leeds office brokered the sale and said, “Sites with this level of volume remain scarce in the current market and from day one, the owner tasked us with achieving a premium price for what was a highly profitable fuel business.
“From the point of view of the buyers, this is an excellent addition to Platinum’s expanding portfolio. The site has incredible local support, a fantastic management team in place and I am sure Sej Sejpal and his team will be able to further increase its outputs and profitability.”