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Welcome Break sells nine MSAs in leaseback deal

10 June 2004
Welcome Break sells nine MSAs in leaseback deal

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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