• Firm to wait for EU referendum outcome before starting process
  • London-based company had 2015 sales of 14.1 billion pounds

Greenergy Fuels Holdings Ltd., the U.K. fuel supplier partially owned by Tesco Plc’s pension arm, is considering selling itself and may kick off the process after a British referendum on whether to leave the European Union later this month, according to people with knowledge of the matter.

The company has hired ING Groep NV as it considers its options, one of the people said.   The process is at an early stage and the company may decided against a sale, the people said, asking not to be named because the deliberations are private. Representatives for Tesco didn’t immediately respond to requests for comment. Spokesmen for ING and Greenergy declined to comment.  

London-based Greenergy’s 2015 sales fell 10 percent to 14.1 billion pounds ($19.9 billion) on declining fuel prices, the company said in its annual report. Earnings before interest, taxes, depreciation and amortization rose 29 percent to 30.3 million pounds as the volume of fuel sold increased and the company reduced costs.  

Greenergy is the U.K.’s second-largest closely held company by revenue and is 35 percent owned by Tesco’s pension fund, according to a Sunday Times Top Track 100 league table published last year. Greenergy supplies road fuel primarily to customers in the U.K. and Canada and has operations in Brazil, the U.S. and the United Arab Emirates.

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