French oil major Total Plc Tuesday said it has signed a sale and purchase agreement to sell most of its marketing assets in the United Kingdom, the Channel Islands and the Isle of Man to Rontec Investments LLP.
The assets included within this agreement consist of Total’s UK retail network, comprising 810 Total-branded service stations, its Butler heating oil business, the associated logistics infrastructure, as well as its Channel Islands and Isle of Man businesses.
This transaction, which is expected to complete later in 2011, is in line with the Group’s strategy of rationalising its downstream portfolio in Europe, Total said.
The sale process for Total’s refining assets in the UK is ongoing.
Rontec Investments LLP is a consortium led by UK forecourt operator Snax 24, and includes London investment firm Grovepoint and asset manager Investec.
