'Serious interest' shown in up-for-sale Gleaner Oils

Group business correspondent

Friday 1 March 2013

SHAREHOLDERS in Elgin-based Gleaner Oils are close to finding a buyer for the business, its chairman Billy Laing has confirmed.

Mr Laing said "serious interest" has been shown by potential buyers in the company, which owns petrol forecourts, distributes fuel, lubricants and greases, and offers boiler maintenance services for oil and gas systems.

The business, thought to own Scotland's most northerly 24-hour filling station, Skiach Services in Ross-shire, has been up for sale since May last year because its shareholders – Mary Jane Scott, Brian Young, David Todd and Mr Laing – plan to retire.

Mr Laing was unable to reveal the identity of the bidders but said the company hoped to announce the sale soon. He said shareholders were keen to ensure the company ended up in the right hands. Mr Laing said: "We do have serious interest [in the business] at the moment and this is being considered. But a major con-sideration, really, is that we want to look after the company and look after the staff. There is not a big rush." The sales update came as Gleaner prepares to lodge its financial results for 2012 at Companies House, which Mr Laing said would show a rise in turnover and profits compared with its results for the year to December 31, 2011. Mr Laing said the preliminary figures for 2012 will show an increase in turnover to £126.5 mil- lion, up from the £122m in 2011, with profits expected to be higher. Operating profit for 2011 was £722,837 but the accounts showed an exceptional pensions-related charge of £335,077, which it took after one of its companies, Silvers Marine, ceased trading. The most recent accounts filed at Companies House show Gleaner Oils has assumed the liability for Silvers Marine's share of the pension liabilities. The company booked pre-tax profits of £214,891 in 2011. In spite of the pension liability, Mr Laing described 2011 as a "decent year" for the business, which he said the company had built on in 2012. He said the results for 2012 will show the benefits of slightly colder weather and the extension of its distribution network into central Scotland following the opening of its tanker in Cowdenbeath, Fife, which takes oil from the Grangemouth refinery, in 2011. Mr Laing said: "[It was] a bit of a colder year. Also, we moved down south down into Cowdenbeath [with fuel] picked up from Grangemouth. "We picked up some nice stuff down there and we do some contracting work as well. "We picked up another filling station in Broughty Ferry as well. These things all help. "But we know fine that all rural stations are under pressure, and we try and help wherever possible. We want to look after our communities. We can't really compete with the supermarkets."

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'Serious interest' shown in up-for-sale Gleaner Oils

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