Applegreen, floated by Petrogas Group Ltd on the stock market last year, is in negotiations with a potential franchise partner in the United States. Applegreen has five fuel service stations outlets in the New York area. Bob Etchingham CEO underlined that the US is a long term plan and represents a very small part of their current portfolio and business revenue. Etchingham told local media “We’ve always said that one of the advantages of going to the United States is that it will allow us to develop relationships with people that we wouldn’t come across on this side of the pond.” But it’s in Ireland and the UK where Applegreen continues to see its biggest opportunity. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA), rose 26pc to €28.9m last year, while revenue was 15pc higher at €1.08bn. The company operates a fuel retail network of 200 sites, which includes the new motorway service areas in Ireland. It has just opened its second service area in the North of Ireland. Applegreen spent €58.8m on capital expenditure in 2015 and chief financial officer Paul Lynch said that the company currently has sufficient funds for its planned portfolio development into next year. Applegreen has recently expanded its portfolio by 48 sites, 37 of them in the Republic of Ireland. It’s likely to increase it by a similar rate this year.
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