Specialist business property adviser, Christie & Co has completed on the sale of Lomas Kington Service Station in Kington, Herefordshire to expanding group operator, Ascona Group.
The store was rebuilt in 2017 and currently trades under a Spar banner, with the forecourt currently supplied and trading under the Texaco brand. The 1,100 sq ft shop offers a range of produce and goods, including confectionery, tobacco, fresh food and food to go. Ideally positioned with the nearest competition over seven miles away, Lomas Kington Service Station draws trade from nearby towns and villages and benefits from excellent trade levels.
Following 25 years of ownership, Sudhir Ghelani decided to sell the store in order to retire and comments, “I instructed Stephen from Christie & Co to sell my site Lomas Kington because it was the right time after 25 years of operating it. I was delighted with the recent completion with Ascona Retail Group. Stephen has been my main point of contact and has worked endlessly to ensure the sale was completed professionally and smoothly. I would 100% recommend working with Steve.”
Duncan Morris, Property Director at Ascona Group comments, “Ascona are probably the fastest growing group in the sector having gone from two sites to nine in the space of 15 months. It’s an exciting time for all involved in the business as site numbers are set to grow by at least a further five sites in the next 60 days, with much more in the pipeline.
“Ascona’s management team has extensive experience in the sector having both group dealer and oil company backgrounds. Ascona plans to create a national network of sites with a focus on strong brand affiliations, an all-round value offer, and high standards of presentation and customer service. Lomas Kington fits perfectly into this plan as the site already has a strong local reputation for value and customer service. Ascona will continue to develop this with further branding partnerships and a strengthened customer offer.”
Stephen Bell, Senior Business Agent at Christie & Co comments, “The filling station market remains buoyant with both larger and smaller independent groups looking to acquire in the West Midlands. We saw a huge amount of interest in Lomas Kington Service Station from both individual buyers and ‘Top 50’ independents. Although demand remains strong for sites in all localities, both the rural location and limited competition were a huge selling point in this sale.”
Lomas Kington Service Station was sold off an asking price of £1,500,000 for the freehold interest.