20th Jan 2005 07:00
Torex Retail PLC20 January 2005 20th January 2005 Torex Retail plc expands UK Petroleum Business with £2.1m acquisition of Petroleum Services Business Torex Retail plc ("Torex Retail"), the UK's market leader in retail IT systems,today announces the completion of the £2.1m acquisition of Flexiline ForecourtServices Limited ("Flexiline"). Flexiline specialises in the installation andservicing of equipment in petrol filling stations. The £2.1m consideration willbe satisfied by the payment of £1.05m in cash and £1.05m by the issue of1,288,343 new Torex Retail shares. Flexiline, based in Hertfordshire, provides a range of forecourt servicesincluding the project management of service station redevelopment, petrol pumpand system refurbishment, forecourt equipment installation and servicing. Thecompany has grown steadily through winning significant service contracts frommajor retailing groups and achieved sales of £2.5m for the 12 months ended 31stOctober 2004. Flexiline will become part of Torex Retail's expanding Petroleum and ConvenienceDivision and will complement the range of products and services provided for theUK retail petroleum market. Rob Loosemore, Executive Chairman of Torex Retail plc, commented: "The acquisition of Flexiline will add depth to our service offering in theretail petroleum sector. Over the next few years there will be increaseddevelopment and refurbishment activity on forecourts with the introduction ofnew fuels, environmental protection legislation and the addition of outdoorpayment terminals on forecourts. We will now be even better placed to takeadvantage of this increased activity. Flexiline has established an enviable reputation in the market and I expectthat, with the backing of Torex Retail, the company will be in a better positionto win new business from major oil companies. The market is dominated by theservice departments of pump companies and there is no independent company sowell equipped as Flexiline to offer high quality service on the full range ofequipment at filling stations." - ends - Enquiries: Torex Retail plc Citigate Dewe RogersonRob Loosemore, Executive Chairman Seb Hoyle / Ginny PulbrookRichard Thompson, Finance Director Freida MooreTelephone: +44 (0) 870 050 9900 Telephone: +44 (0) 20 7638 9571 Application will be made for the 1,288,343 new shares to be issued pursuant tothe consideration for the acquisition to be admitted to trading on AIM.Admission is expected to become effective on 25 January 2005. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tissue Regenix Group