Petrol forecourt retailer Applegreen has announced its intention to raise £50m through an initial public offering in June.

The operator, which has 50 sites in the UK and 100, would become the first Irish retail company to launch an IPO since the recession.

The company works with a number of operators across its estate, including Costa, Subway, Burger King and Greggs.

The company has delivered a compound annual growth rate of 24% in revenue and 19% in EBITDA over the last four years.

Applegreen plans to use the proceeds of the fundraising to upgrade and rebrand its existing sites, accelerate expansion of its estate across the UK and Ireland and seek to develop new larger motorway service area sites.