£10 million investment by forecourt retailer paves way for growth
Leading East Yorkshire forecourt retailer Sewell on the go has invested £10 million in buying six of its rented sites from Rix Petroleum, paving the way for continued growth across the region.
Sewell on the go now owns all 13 of its forecourts and convenience stores in Hull and the East Riding of Yorkshire, serving more than four million customers 24/7 every year.
Now, the acquisitions mean the business is in complete control of all of its sites and is looking ahead to further investment in upgrades, extensions and improvements, and has also renewed contracts with suppliers Londis and fuel supplier BP.
Patrick Sewell, Managing Director of Sewell on the go, said: “There is a lot of uncertainty around Brexit at the moment and we have chosen to invest, providing more certainty, security and confidence for our customers and staff going forward.
“We are looking to continue to grow within the Yorkshire region and we are certainly keeping our options open regarding additional sites and other potential opportunities.
“Our customers and our people are at the heart of this business and we are family-run, so we want to retain that ethos across our business.
“We are incredibly proud to have 13 stores in a very close-knit trading area. This acquisition is a positive move, investing for the future.”
Sewell on the go has 245 staff who work around the clock to deliver good value, quality products and services tailored to the needs of its local communities.
The business partners with local companies wherever possible to sell local produce, ensuring the pound remains local.
Sewell on the go, which is part of the wider Sewell Group, is the only UK forecourt operator to have secured a place in the Sunday Times 100 Best Companies to Work For list in the UK.
It also has a Best Companies 3 Star ‘extraordinary’ accreditation, which recognises the highest standard of workplace engagement and represents organisations which truly excel.
It was named Forecourt Trader of the Year in 2016, picking up 14 awards overall and recognising its commitment to customer service and community engagement, and is currently ranked 19 in the Top 50 Indies, the compilation of the biggest independent fuel retailers in the UK.
Sewell on the go was also recognised for outstanding customer service at three of its stores in the whole of the North of England at a recent regional BP Forum, chosen from hundreds of stores following customer feedback.
The latest acquisitions were valued by Christie & Co, the leading specialist advisor for buying and selling businesses in a wide range of sectors, including convenience retail.
Steve Rodell, Managing Director of Retail at Christie & Co, regularly speaks at convenience and petrol retail events across the UK and is responsible for all retail brokerage, valuation and advisory activity across the company’s network.
He said: “We are delighted that our valuations team was part of the process that enabled Patrick and his team to buy these sites. We have worked with Sewell Retail for many years and look forward to watching them develop and make these sites as successful as the rest.”
Funding support for the acquisition was provided by NatWest.
Stephanie Gilling, Relationship Director for Commercial and Private Banking at NatWest, said: “It is an exciting time for Sewell as they embark on a journey to grow the number of sites that they own and operate.
“Patrick and the management team have a clear vision for the further development of the business and the acquisition will enable them to succeed in this.
“We are delighted to support Sewell and wish them every success for the future.”