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Total has signed a sale and purchase agreement to sell most of its marketing assets in the United Kingdom, the Channel Islands and the Isle of Man to Rontec Investments LLP, a consortium led by Snax 24, one of the leading independent forecourt operators in the UK.

The assets included within the agreement consist of Total’s UK retail network, comprising 810 Total-branded service stations, its Total Butler heating oil business, the associated logistics infrastructure, as well as its Channel Islands and Isle of Man businesses.

The Rontec Investments consortium comprises Snax 24, one of the leading independent forecourt groups in the UK; Grovepoint, a London-based, independent principal investment firm; and Investec, an international specialist bank and asset manager.

Total said the transaction, which is expected to complete later this year, is in line with the group’s strategy of rationalising its downstream portfolio in Europe. The oil major added that the sale process of its refining assets in the UK is ongoing.

In addition to its exploration and production operations, Total said it will retain a direct market presence in the UK through its lubricants, aviation fuels, special fluids and chemicals businesses.

Total has been a major player in the energy supply chain in the UK for many years, through its presence in both exploration and production and gas and power. Its decision to sell the majority of its marketing assets in the UK follows the announcement in February that it would sell its nearly 49 percent share of Spanish oil company CEPSA to Abu Dhabi's government-owned International Petroleum Investment Company (IPIC).