A petrol retailer with 64 stations across the UK is attracting interest from property investors.
AIM-listed Global Natural Energy (GNE), which owns the controlling stake in Petrol Express, has started discussions with a property development group about a possible takeover bid for the entire company.
Most of the Petrol Express sites are owned freehold.
Property investor Jack Petchey, who is known to be looking at renewable energy as an emerging market, is believed to be among those working on a bid for GNE.
Ireland’s family-owned retailing group Musgrave is also interested.
GNE’s 50.01% stake in Petrol Express is its main interest, after it sold its stake in UK gas company Corona to Macquarie Bank earlier this month.
GNE posted a pretax loss for 2005 of £795,000, against £335,000 profit the year before.
References: EGi News 07/08/06
