Welcome Break sells nine MSAs in leaseback deal
10 June 2004
Welcome Break has sold nine of its service stations to property investor Robert Tchenguiz, it has emerged.
The £270m deal is a sale-and-leaseback agreement, so Welcome Break will continue to operate the service stations, which include its sites at Fleet, Hampshire, and Abingdon, Oxfordshire.
The agreement is understood to be a key part of a £376m rescue package put together by Investcorp, Welcome Break's venture capital owner, to stave off a financial crisis.
Tchenguiz's Rotch Property Group has been in on-off talks to buy the sites for a number of months.
Welcome Break still owns a further 15 service stations.
by Nic Paton
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