Roadside is looking to rapidly build a portfolio of petrol forecourt stations (PFS), following a proven playbook to establish a highly cash-generative asset-backed business. The UK PFS market is worth £23.2bn pa and the Group’s highly experienced management team has raised £20.75m equity (34.6m shares at 60p) to finance its expansion through two acquisitions, encompassing seven sites. We provide a sensitivity and ‘vision’ scenario analysis in this note reflecting management ambitions, but our fo ....
