Sutton Oil (Bermuda) Ltd. will become the largest privately held petrol station operator in the UK following the exchanging of contracts with Administrators of the Save Group Plc. which went into administration earlier this year.

Spokesman for Sutton Oil Bermuda Limited, the petroleum holding company for the Sutton Family Group of Companies Neil de ste Croix said yesterday: "We are pleased to announce that Anglo Oil Trading Ltd., a subsidiary of our UK petroleum distribution and retailing arm, Anglo Petroleum Limited, has exchanged contracts with the Administrators of the Save Group Plc. (Save) to purchase the business and assets of Save but not the company and its liabilities."

It is anticipated that completion will take place on or before September 27, with the interval between exchange and completion being required to finalise all necessary formalities.

Mr de ste Croix also said that after six months trading in administration, the proposed sale is extremely encouraging for all employees and licensees involved in the Save business.

Terry Riches, Managing Director of Anglo Petroleum commented: "Efficiency is the key to achieving success in the highly competitive fuel retail market.

"By applying Anglo Petroleum's proven management skills to the Save business, we believe that there are significant synergies to be realised from the combined entity."

And he added: "We are very excited about our future prospects."

Prior to going into administration on Feburary 28, Save was the largest independent petrol station operator in the UK, with a full listing on the London stock exchange.

Chairman of Sutton Oil (Bermuda) Limited, lawyer Saul Froomkin who is a partner of the firm Mello Jones and Martin, the companys' advisors and attorneys said: "The acquisition of the assets and business of Save by our UK division, Anglo Petroleum, confirms their position as the largest privately held distributor and retailer of fuel products in the United Kingdom."

The acquisition of the assets and business of Save will result in the combined Anglo group having over 5,000 employees in the UK and the deal will add more than 400 stations to Anglo Petroleum's 122 existing stations.

Anglo emerged as the successful bidder for the group, fighting off competition from African and Continental firms.

Both Anglo and Save have concentrations of sites in the Midlands and the North of England and although the majority of Anglo Petroleum's stations are badged "Anglo," the newly acquired stations will have a mixture of badges.

The Save Group collapsed into administration in March after a financing deal was rejected by Barclays, NatWest and Lloyds TSB.

Save blamed its failure on increasing competition from large oil companies and supermarkets and the effects of the fuel price protests last year.

Growth in the petroleum distribution and retailing sector has been rapid for the Sutton Family Group of Companies as the purchase of the Save business and assets comes less than a year after Anglo Petroleum (formerly Repsol Petroleum Limited) was purchased from the Repsol YPF Group.