Forecort retailer makes £10m acquisition
East Yorkshire forecourt retailer Sewell on the go has invested £10m in buying six of its rented sites from Rix Petroleum, paving the way for continued growth across the region.
Sewell on the go now owns all 13 of its forecourts and convenience stores in Hull and the East Riding of Yorkshire, serving more than four million customers a year.
The acquisitions give the business control of all of its sites. The firm is now looking to invest in upgrades, extensions and improvements, and has also renewed contracts with suppliers Londis and fuel supplier BP.
Patrick Sewell, Managing Director of Sewell on the go, said: “There is a lot of uncertainty around Brexit at the moment and we have chosen to invest, providing more certainty, security and confidence for our customers and staff going forward.
“We are looking to continue to grow within the Yorkshire region and we are certainly keeping our options open regarding additional sites and other potential opportunities.
“Our customers and our people are at the heart of this business and we are family-run, so we want to retain that ethos across our business.
“We are incredibly proud to have 13 stores in a very close-knit trading area. This acquisition is a positive move, investing for the future.”
Sewell on the go has 245 staff and the business partners with local companies to sell local produce.
The latest acquisitions were valued by Christie & Co. Steve Rodell, Managing Director of Retail at Christie & Co, said: “We are delighted that our valuations team was part of the process that enabled Patrick and his team to buy these sites. We have worked with Sewell Retail for many years and look forward to watching them develop and make these sites as successful as the rest.”
Funding support for the acquisition was provided by NatWest.
Stephanie Gilling, Relationship Director for Commercial and Private Banking at NatWest, said: “It is an exciting time for Sewell as they embark on a journey to grow the number of sites that they own and operate.
“Patrick and the management team have a clear vision for the further development of the business and the acquisition will enable them to succeed in this.
“We are delighted to support Sewell and wish them every success for the future.”
