Somerfield swoops on Texaco forecourt shops

Somerfield has signed an agreement with oil giant Texaco to buy 140 if its UK forecourt shops. This acquisition will grow its petrol station presence to more than 170 stores.

The convenience stores will be redeveloped with the Somerfield branding. The grocery giant will also run the forecourts, which will retain the Texaco brand.

Texaco forecourts are largely freehold and the transaction would most likely involve a third party to acquire, develop and lease the properties back to Somerfield.

A contract will be signed subject to necessary approvals, and consultation with employees.