Irish forecourt retailer Applegreen is targeting further US growth opportunities after signing a long-term agreement to lease 43 petrol filling stations in Florida.
The deal, with property lessor CrossAmerica Partners, significantly expands Applegreen’s operations in the US, and boosts its filling station numbers there to 114.
A spokesperson said the company is considering further acquisition opportunities and views the US as becoming a substantial market for the brand. The company will also look to continue growing here and in the UK, where it has opened 14 service stations since the start of this year and now operates more than 100.
The leasing deal with CrossAmerica Partners, which is due to complete before the end of September, follows Applegreen buying 42 filling stations in South Carolina from the Brandi Group last year.
In a trading update coinciding with its AGM in Dublin, the company, whose shares were marginally up yesterday, said trading has been up, on a like-for-like basis, since the start of the year. However, it said the harsh weather seen earlier in the year and rising fuel prices have impacted business.
“Applegreen had a positive start to the 2018 financial year with trading results continuing to improve on the prior year. The severe weather in March, however, affected business across all our markets but particularly in Ireland, while recent international fuel price increases have adversely impacted on fuel margins,” said chairman Daniel Kitchen.