Thursday, March 28, 2024

Co-op completes £611m sale of petrol forecourt business

The Co-operative Group has completed the £611m sale of their petrol forecourts estate to Asda as stated on the London Stock Exchange this morning.

The transaction includes 129 petrol forecourt sites, spread across the UK and represents 5% of Co-op’s retail estate of 2,564 stores.  

Recently appointed Shirine Khoury-Haq, the Chief Executive at the Co-op Chief Executive at the Co-operative Group comments: “This transaction is in line with our strategy to move away from operating petrol forecourts and supports our vision of Co-operating for a fairer world while building our core leading convenience business.

“I would like to thank our incredible colleagues in these stores, and we will work closely with Asda to ensure a smooth transition.”

The transaction is due to complete in Q4 2022, although the acquisition is subject to review by the Competition & Markets Authority (CMA).

The co-op has stated that its primary focus is on developing further its leading core convenience proposition, and the proceeds from the sale of its relatively small non-core petrol forecourt business, will be used to:

·    Reinvest into Co-op’s leading core convenience business centred around its retail estate, as well as its growing wholesale, franchise and e-commerce operations, including new convenience stores in the heart of more communities

·    Invest in Co-op’s pricing, store operations, technology, and logistics

·    Support the reduction of Co-op’s net debt

 

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £27.55 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Advertisment












Latest posts

South Holland District Council housing company makes six figure donation to local charities

Welland Homes, a housing company wholly owned by South Holland District Council, is donating its £128,274 profit for the year to four local charities,...

Spalding Heritage Strategy – Have your say

South Holland District Council is working with Heritage Lincolnshire and local people to create a heritage strategy for Spalding as part of Spalding Reconnected,...

Grantham’s NHS Community Diagnostic Centre expands

Facilities at Grantham’s Community Diagnostic Centre (CDC) have been expanded to include state-of-the-art MRI and CT scanners. The £5 million investment in the site on...

Lincolnshire councils get share of £295m to create weekly food waste collections

Lincolnshire councils are to be given a share in £295 million  to invest in regular food waste collections. The money is expected to fund weekly...

Council takes ownership of hotel in Sleaford

In a move which will secure a prestigious hotel business, protect jobs and broaden its economic and social benefits, North Kesteven District Council has...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close