Forecourt retailer Applegreen, the trading name of Ireland-based Petrogas Group, has announced its intentions to proceed with an initial public offering, through which the company hopes to raise €70 million.
Yesterday (28 May), the group announced it would float on the AIM (part of the London Stock Exchange) and ESM (part of the Irish Stock Exchange).
In a statement, Applegreen said that it believes it is "well positioned to take advantage of growth opportunities", having "demonstrated a track record of high growth in challenging consumer markets".
In addition, the company said that it "has developed a brand and a consumer offer that is compelling, profitable and highly cash generative" and "can continue to exploit high growth/high margin convenience lines to generate superior returns into the future".
Bob Etchingham, CEO of Applegreen, said, "The Group is well positioned to benefit from recovering economic growth and increased disposable income in the Republic of Ireland and the UK, as well as favourable market trends as the oil majors exit the forecourt market.
"The intended IPO will enable us to execute on our growth strategy and further expand and rebrand our portfolio of sites. I am enthusiastic about our future, and look forward to the next stage of our growth as a listed company."
It is expected that the offering will take place in late June.
© 2015 - Checkout Magazine by Stephen Wynne-Jones
