GNE Group Divests Petrol Express
October 30, 2008
The GNE Group, a UK-based petrol station operator, has completed the divestment of its operating subsidiary, Petrol Express, for a consideration of GBP51.66 million.
The consideration has been completed with Leopard No 2 Investment Limited, the purchaser, assuming responsibility for Petrol Express’s (PEX) bank and other loan term debts, with the remaining sum being settled by a cash payment.
David Port, executive chairman of GNE, said: “We are pleased that the disposal of PEX is now complete, and that we are now able to realize the value for shareholders which we have built since 2006. The disposal demonstrates the successful business that the board has built up, and we look forward to repeating our achievements.”