Supermarket chain Somerfield is poised to buy 140 forecourt convenience stores from ChevronTexaco Corporation.
A property developer venture partner will now be recruited to redevelop the mainly freehold portfolio of stores and lease them back to Somerfield, who would also operate the forecourts.
Texaco will continue to supply the fuel to the forecourts which will retain the Texaco brand.
As a result of the deal, Somerfield’s forecourt convenience store portfolio will increase to over 170.
References: EGi News 16/02/05
