GNE Group Continues to Buy Petrol Retail Sites

UK-based retail fuel station operator GNE Group is buying petrol retailing sites which can help the company increase its margins and is also hoping to increase profits by improving the product mix at on-site convenience stores, according to PetroPlaza.

PetroPlaza reported that the reduction of the number of petrol retailing sites in the UK coupled with the exit of oil majors from the retail market has created growth and acquisition opportunities for GNE.

GNE purchased the BP-branded petrol retailing site owner, Bond Hamill, for GBP8.4 million in a bid to enhance its earnings, according to PetroPlaza.

GNE is also operating a fuel card business for commercial vehicle fleets and is also considering ways to enter the fuel distribution business. The firm is also seeking to maximize returns from its site portfolio by developing underperforming sites for alternate use, reports PetroPlaza.