Property investor Patron picks up forecourt group

PRIVATE equity house Patron Capital has snapped up forecourt operator Motor Fuels Group.

The property investment specialist has taken control of 58 mostly freehold petrol filling stations in a joint venture with a new management team backed by oil industry veteran Alasdair Locke. The petrol stations trade under the BP, Shell, Esso, Total and Jet brands. William Bannister, who takes over as chief executive of MFG, a £240m turnover group, said the deal provides a “sound platform” growth in the sector.

Patron provided the majority of the equity for the deal, alongside Locke and management. Investec provided debt finance.