Spring Petroleum is preparing to spend about £50m acquiring between 80 and 100 forecourts over the next year.

The expansion will triple the company’s size. It currently has 30 sites in Yorkshire and East Lancashire.

MD Jabir Sheth said: “We are looking at various opportunities to acquire a large number of sites. Oil companies are shedding their company-owned assets, and it’s becoming more of a dealer-oriented market.

“We are looking at buying at least 80-100 sites over the next 12 months because the industry is moving so fast.”

Sheth added his company had strong support from “various funds,” and up to 70% of the acquistion capital would be borrowed.

Sheth also revealed Spring Petroleum had just formed a partnership with Dunkin’ Donuts for the North of England.

It would open its first - a standalone offer in Leeds city centre - by mid-February.

“We are also looking at a coffee and donut offer tailored for the forecourt sector where it will be a self-serve offer as well,” he said.

“We will roll out the programme subject to location across as many sites as possible.”

Spring Petroleum reported a 35% leap in pre-tax profits to £372,175 for the year to 31 March 2014, on turnover up 2.5% to £35.6m in accounts made available at Companies House this week.

Topics