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We're preparing to buy not sell, stresses MRH (GB)

02 June, 2010

MRH (GB), the UK's biggest independent fuel retailer, has vigorously denied a recent story in the Daily

Telegraph which claimed the company was "about to change hands for an estimated 300m", and that PricewaterhouseCoopers had been retained to manage the sale.

The story also suggested that Tesco was the most obvious buyer for the business. But John Lynn, managing director of MRH, which has 296 UK forecourts, said the story was "utter rubbish", and that the newspaper did not contact either MRH or PWC for comment prior to publishing the article. "Had they done so, they would have been informed of the errors that it contained," he said.

The company issued a statement to its employees stating: "It is not true that MRH (GB) is imminently to be sold. It is however true that PWC have been retained by MRH (GB) to assist in raising substantial funds that would be used by the company to make acquisitions in the downstream fuels market. In consequence of the major ongoing restructuring of the European downstream industry there are currently a number of attractive acquisitiion opportunities in both the UK and international markets that the management of MRH (GB) wish to pursue and it is expected that many other equally attractive opportunities will arise in the future."