Owners report good interest in sale of North fuel firm

Owners of the fuel distribution company, Gleaner Oils, have said there has been considerable interest from potential buyers.

The Elgin-based company which has a depot in Grantown was put up for sale last month.

A spokesman said that potential new owners from across the UK have come forward asking for a sales memorandum.

Several of those are now understood to be seriously interested in buying the company.

Gleaner’s Chairman Billy Laing said: “Interest has come from within the fuel distribution sector and from others who have a similar customer base.

"Gleaner offers an ideal opportunity for existing players to expand their footprint into Scotland or new entrants looking to gain a foothold in our sector using our infrastructure.

“It has been extremely encouraging to note the level of interest and the speed with which these organisations have moved to find out more about us.

"There is no doubt that this will be a competitive process and we are determined to find a buyer who shares our ambition for the company and who will look after our people.”

The firm has been put up for sale by the owners Jane Scott, who took over her late father’s shares and her uncle Brian Young, the other shareholder, who wishes to retire along with Mr Laing.

Its turnover last year reached £122.3 million and it employs 181 staff across 11 depots in Scotland.

The sale is being handled by French Duncan Corporate Advisory and Director Harry Linklater said: “There is very strong interest from a number of parties and we expect the process to move to the next stage of identifying a preferred buyer within the next month.

"This is a well run and profitable company and offers great growth potential for a new owner.”