Former Asda CEO Andy Bond has dismissed suggestions fast-growing forecourt chain Euro Garages is looking for a sale, after his appointment as non-executive chairman this week.
Euro has enjoyed a meteoric rise in sales since it was founded in 2001 by Mohsin and Zuber Issa, with 70 forecourts now bringing in sales of £285m. Bond's appointment follows the hire in 2007 of Martin Ashcroft as finance director. Bond said his task was to "help Euro structure the business for growth, so it can be bigger and better".
"With Murco and Total UK up for sale, the next three to four years will see change and there are opportunities for expansion," he said. "My role is to help decide the appropriate route." While his non-executive role required he invest in Euro, Bond said his remuneration did not rely on a sale of the business.
"There's absolutely no eye on an exit," Bond said. "I'm confident I'll be well rewarded if I achieve what's asked of me, without the need for a sale."
Bond said he first met the owners in September through "a friend of a friend" working for Euro's auditor, KPMG, on the corporate finance side. He was attracted to Euro "because they are innovators [that] dragged petrol forecourts into the 21st century". He was confident Euro could compete effectively with multiples including Asda.
"If you go to the Beehive forecourt, for example, it has a Starbucks drive-thru, a very modern BP forecourt, a full Spar convenience store and a Subway. It's a much more appealing offer than your average independent forecourt.
"I like the business and the family," he added.
Bond has also been named as non-executive chairman of upmarket fashion retailer Republic. As the scourge of independent petrol forecourt retailers, and having ruled out growth at Asda via convenience stores, Bond was "aware of a set of ironies" around his new roles.
"There are shortfalls in my experience, but I have run growth businesses and I am excited by this opportunity," he said.
Euro has enjoyed a meteoric rise in sales since it was founded in 2001 by Mohsin and Zuber Issa, with 70 forecourts now bringing in sales of £285m. Bond's appointment follows the hire in 2007 of Martin Ashcroft as finance director. Bond said his task was to "help Euro structure the business for growth, so it can be bigger and better".
"With Murco and Total UK up for sale, the next three to four years will see change and there are opportunities for expansion," he said. "My role is to help decide the appropriate route." While his non-executive role required he invest in Euro, Bond said his remuneration did not rely on a sale of the business.
"There's absolutely no eye on an exit," Bond said. "I'm confident I'll be well rewarded if I achieve what's asked of me, without the need for a sale."
Bond said he first met the owners in September through "a friend of a friend" working for Euro's auditor, KPMG, on the corporate finance side. He was attracted to Euro "because they are innovators [that] dragged petrol forecourts into the 21st century". He was confident Euro could compete effectively with multiples including Asda.
"If you go to the Beehive forecourt, for example, it has a Starbucks drive-thru, a very modern BP forecourt, a full Spar convenience store and a Subway. It's a much more appealing offer than your average independent forecourt.
"I like the business and the family," he added.
Bond has also been named as non-executive chairman of upmarket fashion retailer Republic. As the scourge of independent petrol forecourt retailers, and having ruled out growth at Asda via convenience stores, Bond was "aware of a set of ironies" around his new roles.
"There are shortfalls in my experience, but I have run growth businesses and I am excited by this opportunity," he said.
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