US: First Colombia purchases car wash

First Colombia Gold Corp has purchased a full service car wash located in Bluffton, South Carolina, while it reiterated its intention of acquiring 11 c-stores.

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 has made growth in the retail space a key focus of its growth strategy and has put a lot of focus on the convenience store and car wash sectors.

“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,” said Jason Castenir, CEO of First Colombia.

The company also reiterated its commitment to complete the 11 convenience store acquisition and plans to update the market in the coming weeks on the specific dates for that closing.

Castenir also spoke of the company´s plans: “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, truck stop and car wash facilities and we wanted to develop our quick serve restaurant business and utilize that brand within the convenience stores locations.”