Thu, 16 Sep 2010 | BUSINESS SALE
French oil giant Total is the latest firm to announce it is to sell its UK-based forecourts as high oil prices and the continuing economic downturn make it tough to make a profit on forecourt operations.
Total has put 500 of its UK-based forecourts onto the market after 55 years and potential buyers reportedly include Russian energy giant Gazprom.
Murco has also announced it is selling its UK retail network of 457 stations and a deal looks close to completion.
Property agent Christie & Co has been instructed to act on behalf of a party interested in acquiring the business, which was put up for sale in July by its US parent company Murphy Oil. Industry experts are suggesting that the buyer could be Costcutter, which is owned by Bibby Line Group and has stores on 90 per cent of Murco's estate.
A sale to another buyer could jeopardise this contract, said an industry source. “It could affect Costcutter as it is quite a large proportion of its sales. The contract was recently tendered though and re-secured, so it has some security for the next couple of years,” added the source.
Other interested buyers are said to include Malthurst Group, which is part of MRH (GB), and Irish forecourt operator Applegreen, which has 13 UK sites and is looking to expand to 60 by 2015. Fuel operators Jet, Gulf and Harvest Energy could also be keen, according to industry experts.
Some experts are suggesting that Murco may be better off splitting up its sites and selling them off individually to smaller companies.
“If I was Murco, I would sell sites off individually rather than as a block as that would maximise the asset,” said the source.
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