The acquisition will add SGN Retail’s 118 forecourt locations to EET Retail’s existing estate of 117 sites, creating a network with annual fuel throughput of more than 650 million litres.

SGN Retail was founded in 2016 by Graham Peacock and Susan Tobbell and operates roadside locations across the UK alongside a range of convenience, retail and food-to-go brands.

For Essar Energy Transition (EET), the acquisition forms part of a wider strategy to connect fuel production at its Stanlow Manufacturing Complex in Cheshire more directly with its growing retail network. EET Retail has set a target of supplying fuel directly to 800 forecourts by 2031, which it estimates would represent around 9% of the UK market.

The company says the approach will create a more vertically integrated supply chain, with UK-refined product moving directly from Stanlow to its forecourt network.

EET Fuels currently operates the Stanlow Manufacturing Complex, which produces around 18% of UK transport fuels.

Long-term strategy

Arvan Ruia, CEO of EET Retail, said: “Building a scaled, vertically integrated retail forecourt platform is a critical pillar of our long-term UK strategy.

“SGN Retail is one of the highest-quality forecourt networks in the UK well ahead of the market. This acquisition accelerates our plan to build a nationwide, vertically integrated platform of 800 sites, backed by direct refinery supply and delivering competitive prices at the pump for UK motorists.”

The transaction will be funded through a combination of cash and a new £250 million senior debt facility arranged by a group of international banks.

Alongside expanding its fuel retail footprint, EET intends to develop the wider forecourt offer across the network, including convenience, food-to-go, valeting and EV charging.

The acquisition comes as EET continues its wider investment programme at Stanlow and across the North West. The business has outlined a £4.3 billion pipeline of low-carbon and energy transition projects in the UK through to 2035.

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