Roadside PLC the UK energy forecourt real estate business, has announce that it has entered into a conditional share purchase agreement for the acquisition of the entire issued share capital of Hoch Group Limited who own and operate Hills Petrol station in Penrith along with other sites across Cumbria, together with its subsidiaries for a net purchase price of £28.6 million.
The Hoch portfolio comprises of 12 premium-quality, operational petrol station forecourts and a standalone convenience store, which are strategically clustered predominantly in Cumbria, Northwest England.
The Board of Roadside PLC believes that the Hoch portfolio presents a compelling opportunity to unlock additional value through development-led capital investment, supporting sustainable, long-term cashflow generation.
In order to fund the consideration payable purchase, the Company intends to draw £25 million from a new debt facility which has been agreed in principle with HSBC, with the debt facility agreement expected to be entered into immediately prior to completion of the Acquisition.
The portfolio of twelve trading sites, based on 3025 figures sold approximately 41 million litres of fuel sales.
Hoch achieved total revenue over the last year of £68.8 million, approximately profit before tax of £1.8 million.
The completion of the Acquisition is expected by the end of May 2026.
Charles Dickson, Chief Executive Officer commented:
"This transaction represents the next step of the Roadside journey to build a scalable, energy forecourt and convenience retail business in the UK. Hoch Group is a high-quality portfolio with unrealised potential and underscores management's commitment to creating shareholder value through the identification and delivery of operational and financial synergies derived from a scaled portfolio."
The Sellers are providing an extensive suite of warranties to the Company in relation to Hoch and its business, as well as certain indemnities in relation to specific matters. The warranties and indemnities are subject to usual limits in respect of the time for bringing claims and on liability. The Sellers have also agreed to provisions governing conduct of Hoch's business during the period between exchange and Completion as well as restrictive covenants for a period of two years following Completion. Funding
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