Roadside Real Estate Gardner Retail acquisition: completion and site-name caveat

Quick answer

Roadside Real Estate PLC confirmed completion of its acquisition of Gardner Retail on 25 February 2026, after the placing and subscription shares were admitted to trading on AIM on 23 February 2026.

If you are searching for Gardner Retail site names, the completion RNS does not name the individual forecourt sites; it confirms completion and refers back to the acquisition first announced on 24 December 2025.

The earlier acquisition announcement described Gardner Retail as six petrol filling stations in Southwest England.

For wider context, see my note on Roadside Real Estate FY25 results.

What actually completed

Roadside said it had acquired the entire issued share capital of Gardner Retail Ltd and its subsidiaries under the share purchase agreement.

Companies House lists Gardner Retail Ltd under company number 11964056.

This matters because the deal has moved from a conditional acquisition announcement to completed ownership.

From here, the question is less "will it close?" and more "can Roadside integrate it well and earn an acceptable return?"

Site names: what the RNS does and does not tell you

The completion notice does not give a site-name list for the Gardner Retail forecourts.

The earlier acquisition announcement gives the scale of the portfolio rather than naming each site.

That is the important caveat for anyone landing here from a site-name search: the transaction is confirmed, but the individual Gardner forecourt names are not disclosed in these RNS documents.

Deal terms and financials from the earlier announcement

The completion RNS is a short confirmation notice, not a fresh set of deal economics.

For the financial terms, the earlier acquisition announcement said the initial estimated net consideration was £17.8 million on a cash-free, debt-free basis and subject to a normalised working-capital adjustment.

It also said Gardner Retail reported revenue of £33.9 million, adjusted EBITDA of approximately £2.1 million and profit before tax of approximately £0.6 million for the 12 months ended 31 July 2025.

Those figures are useful background, but they are not updated in the completion RNS.

Placing and Subscription shares

The completion notice says admission of the placing and subscription shares to trading on AIM became effective on 23 February 2026.

What it does not disclose in that notice is the placing size, issue price, total proceeds or post-transaction share count.

I would treat it as a completion notice rather than a full funding update. The completion itself is the key news.

Key facts at a glance

Company	Roadside Real Estate PLC
Target	Gardner Retail Ltd
Completion date	25 February 2026
Admission of Placing and Subscription shares	23 February 2026
Original acquisition announcement	24 December 2025
Portfolio described in acquisition RNS	Six petrol filling stations in Southwest England
Site names in completion RNS	Not disclosed in the completion notice
Listing venue	AIM

My take: the positives and the watch-outs

Completion is good news in the narrow sense: the acquisition is over the line.

The bigger test is still ahead. Roadside has to fold Gardner Retail into the group, report clearly on performance and show that the forecourt strategy can translate into per-share value.

The main watch-outs remain integration, capital structure, margins and whether future updates give investors enough detail on site performance.

What to look for next

• Confirmation of how Gardner Retail contributes to revenue, margin and cash flow once consolidated.
• Any site-level commentary, especially if Roadside later chooses to name individual Gardner locations.
• Clearer disclosure on capital structure after the placing and subscription shares.
• Evidence that the acquired forecourts fit the wider Roadside strategy.

Bottom line

The simple answer is that Roadside Real Estate has completed the Gardner Retail acquisition.

The site-name point is more limited: the completion RNS does not list the individual forecourt names, so I would not pretend that it does.

What shareholders can take from the notice is that the deal has closed.

Read Roadside Real Estate PLC Announces £17.8m Acquisition and Strategic Funding Move for related coverage.