MFG Signs Agreement to Purchase the Retail Assets of Murco Petroleum
With the continued support of private equity group, Patron Capital Partners (Patron) and oil industry veteran, Alasdair Locke, top 50 Indies forecourt operator, Motor Fuel Group (MFG) today (August 9, 2014) announces that it has signed an agreement to purchase the retail assets of Murco Petroleum Limited (Murco).
MFG was originally acquired by Patron in a joint venture with a new management team backed by Alasdair Locke in December 2011.
The transaction is scheduled to close no later than September 30, 2014.
Commenting on the agreement, Jeremy Clarke, managing director at MFG said: “We are delighted with this exciting transaction. The signing of this agreement supports our stated objective to grow Motor Fuel Group into a significant force in the UK forecourt sector.”
MFG currently operates 60 stations throughout the UK. Operating primarily under the BP and Jet fuel brands, customers are also presented with an attractive, competitive and expanding forecourt shop offer under the Costcutter brand.
The acquisition of Murco will add another 228 company stations to the MFG network and a 200 plus dealer network to the Group. All of these stations will continue to offer fuel under the Murco brand. The forecourt shops on the Murco company station network also operate under the Costcutter brand.