British petrol station operator bought in huge deal ‘worth £400million’ that will double its number of forecourts

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INDIAN firm Essar Group is to buy British petrol station operator SGN Retail — in a deal reportedly worth £400million that will double its number of forecourts.

It will create a nationwide chain of 235 — with the company’s retail arm, EET Retail, already running 118 sites.

The takeover moves it closer to the goal of supplying 800 forecourts by 2031 — around 9 per cent of the UK market.

The enlarged group will include stations carrying brands such as BP, Co-Op, Esso, Jet, Shell, Texaco and Valero.

Essar plans to supply the network from its Stanlow refinery at Ellesmere Port in Cheshire.

It says that linking production and retail will cut waste and complexity from the supply chain, strengthen Britain’s fuel security and help keep pump prices competitive.

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The company believes the sector is ripe for expansion.

It points to population growth, more multi-car households and a long-term historic decline in the number of UK forecourts.

BANK VIEWS RATE RISE

GOLDMAN SACHS has toughened its outlook for UK interest rates, predicting a quarter-point rise to 4 per cent in November as inflation stays stubborn and economic growth remains firm.

The Wall Street giant had previously expected the Bank of England to leave rates unchanged throughout next year.

But it said sharp rises in wholesale energy costs, headline inflation and robust growth had altered the picture, while oil rose above $100 a barrel.

Britain’s economy also saw its fastest annual growth in 18 months in July.

HIGHER FLIERS

HEATHROW has launched a major skills drive aimed at helping to tackle Britain’s youth unemployment crisis.

The Heathrow Infrastructure Skills Council will offer roles on major projects, such as its third runway.

Heathrow has pledged to create 5,000 apprenticeships and entry-level jobs.

The Council will be co-chaired by Sir Tony Blair’s Home Secretary, Lord Blunkett.

BOSS CHANGE

HUGO BOSS chairman Stephan Sturm is stepping down as Mike Ashley’s Frasers Group strengthens its hold over the German fashion giant.

Mr Sturm will leave the supervisory board on October 15, following discussions with Frasers, Hugo Boss’s largest shareholder. A search for his replacement has begun.

Frasers increased its stake in Hugo Boss to almost 48 per cent last month.

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