THE owners of Kilmarnock-based Andrew Gray & Co Fuels have received a £2.8 million windfall following the sale of the business to James D Bilsland
Andrew Gray & Co Fuels was established more 80 years ago and is a distributor and supplier of fuel products. The business employs 19 people.
Andrew Gray was the sole owner of the business, until his death in March this year. His estate will receive the proceeds of the sale.
Drymen-headquartered fuel distribution firm James D Bilsland was formed in 1964. It turns over £16 million and employs 30 people.
The two companies will operate 36 lorries from eight depots, located in Oban, Rothesay, Drymen, Kilmarnock, Douglas, Carlisle, and employ 49 people.
The combined turnover is expected to be more than £25million. The firms will retain separate brand names following the acquisition.
The purchase was supported by a £1.6 million term loan from the Bank of Scotland.
James Bilsland, managing director of James D Bilsland, said: “The acquisition makes sense on many levels, but also enables us to cover additional geographies, taking us into Ayrshire including the Isle of Arran.
Last year, James D Bilsland expanded its operation into renewable energy.
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