Applegreen raises more than £40m in share placing

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Applegreen, the UK, Ireland and US petrol forecourt retailer, has completed a €46.9m (£41.1m) fundraising which it says will help it to continue to invest in growth opportunities.

The news comes hard on the heels of its purchase of seven forecourts from Carsley Group for £21m in the UK and the $5.4m (£4.03m) acquisition of Brandi Group, a 42-site retail operation based in Columbia, South Carolina, in the US, which are expected to complete in the fourth quarter.

The company placed more than eight million shares – equivalent to 10% of its share capital before the placing – at a price of €5.80 each.

Trading in the shares is expected to begin on the UK’s Alternative Investment Market and Ireland’s Enterprise Securities Market next Thursday [October 5].

Applegreen’s strategy is to grow by acquiring and developing new sites in its three markets.

The company, which had 275 forecourt sites at the end of June, operates strategic partnerships with Burger King, Subway, Greggs, Costa Coffee, Chopstix, Freshii, Lavazza and 7-Eleven.

Chief executive Bob Etchingham said: “The funds raised will ensure Applegreen is well positioned to continue to invest in opportunities for growth across our three markets.”

Applegreen reported half-year adjusted pre-tax profit up 25.4% in the half year to the end of June to €10.1m on revenue up 21% to €672.5m.

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  • Applegreen forecourt with Subway
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