BLUFFTON, S.C. -- First Colombia Gold Corp., a real-estate development company focusing on the convenience-store and car-wash sectors, has announced that it has reached an agreement to purchase a full-service car wash located in Bluffton, S.C.
The car wash location has a current appraisal valuing the property at $860,000 and is currently doing $500,000 in annual revenue, the company said.
“When we launched our master plan to retool this company and bring it back into a profitable enterprise, we really put in place three areas of emphasis," said CEO Jason Castenir. "We wanted to focus on the commercial fuel markets through our terminal locations and grow our fuel resale business, we wanted to have a strong retail presence through convenience-store, truckstop and car-wash facilities and we wanted to develop our quick-serve restaurant business and utilize that brand within the convenience-store locations."
He continued, "This car wash we are announcing today is a very high-quality acquisition and a tremendous business that we were able to put in place. This equates to more than $40,000 per month in revenue for our company with great profit margins already in place.”
The Memphis, Tenn.-based company also reiterated its commitment to complete the acquisition of 11 convenience stores in Alabama.
"We are very excited about the revenue possibilities through these acquisitions and fully expect our revenue to increase substantially," Castenir said.
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