According to local industry press in the UK, EET, formerly known as Essar Oil UK, is on track to hit its target of operating 100 Essar-branded leased forecourts within the next 12 months, and 500-plus in the next five years, says its recently appointed chief executive officer for retail Narayan Bhatra.
Since taking these petrol stations under its wings, with Essar branding, turnover has increased by more than 20% on fuel, and there has been a double digit week on week growth on the convenience side over the past few months, a spokesman for the company says.
Bhatra, who was appointed in June to drive growth in the company’s forecourt business, says that there are currently another 15 locations expected to sign up to the lease initiative, and that ”more opportunities are in the offing at various stages of prospecting and development”.
Most of the agreements are with independent operators for one or two of their sites. An attraction of the 15-year lease is that EET Retail invests in developing the petrol station. The landlord can sell their business at any point after signing the agreement, with the lease arrangement remaining in place.
Full story EET Retail on track to have 100 leased forecourts in 12 months | News | Forecourt Trader
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