UK supermarket chain Somerfield is in talks to buy some 140 forecourt convenience stores from Texaco Limited, a subsidiary of ChevronTexaco Corporation.
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The two companies have signed a memorandum of understanding for Somerfield to acquire the sites, Somerfield said. The proposed acquisition would give Somerfield over 170 convenience stores, which, it said, is in line with its strategy to increase its presence in the UK forecourts and convenience store sector.
Under the terms of the agreement, the convenience stores, once redeveloped, will be refitted, branded and operated by Somerfield who will also operate the forecourts. Texaco will continue to supply the fuel to the forecourts which will retain the Texaco brand.
The Texaco forecourt portfolio is predominantly freehold and Somerfield expects that the transaction would involve the participation of a third party property partner who would acquire, develop and lease the properties back to the Company.
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