Applegreen buys seven sites from Carsley Group

Applegreen announced on Thursday that it reached agreement to acquire a network of seven sites from the Carsley Group, consisting of six service areas and one petrol filling station in the UK.

The AIM-traded firm said the service area sites are predominantly located on the major arterial route of the A1 (M).

Under the terms of the acquisition, Applegreen will acquire the business for a consideration of £21m, which will be funded from existing company resources.

The transaction was expected to complete early in the fourth quarter.

“This transaction will accelerate our strategy to establish a major service area presence in the UK market, complementing our strong position in Ireland and growing footprint in the United States,” said Applegreen chief executive officer Bob Etchingham .

“The service area sites we are acquiring are well located on very busy roads with a number situated on the A1 which is a major arterial route.”

Etchingham said the assets being acquired would provide a set of large and strategically important sites that could accelerate Applegreen's growth in the “key marketplace”.

“This acquisition demonstrates our commitment to enhancing our existing estate in the UK and leveraging our expertise in operating high quality service areas offerings with a strong food-to-go focus for the benefit of our customers.”