BGF exits MPK Garages

Paul Kershaw, managing director of the company since 2004, will remain in his role, while Chair Keith Fleming, who was introduced by BGF to provide strategic support and guidance to the business, will step down from his role.

Stratford Retail Group acquired the company as part of its strategy to build a group of fuel and retail forecourts in the UK.

According to BGF, the sale produced a strong return for all shareholders, who will exit in full as part of this transaction.
 
The GP invested in MPK in March 2016 by injecting £7m of growth capital, while HSBC provided £7m in debt funding.

The fresh capital was used to support the expansion of the company’s portfolio and to refresh seven sites within the existing estate. The new sites, which feature retail outlets in addition to the fuel forecourts, were added in Belper (Derbyshire), Stanley (County Durham) and Stretton (Leicestershire). BGF’s funding also provided some equity release for the founders, the Majithia family.  

Company
Founded in 1979 by Shanti Majithia and based in Leicester, MPK  operates 29 UK-based petrol stations under the Texaco and Gulf brands. The company has an annual turnover of approximately £60m.

People
BGF - Gurinder Sunner, Joanne Smith (investors).
MPK Garages - Paul Kershaw (managing director).

Advisers
Company -  Intelligent Corporate Finance (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Consumer
• BGF (Business Growth Fund)
• United Kingdom
• Trade sale