The cooperative group has agreed to sell its 129-strong petrol forecourt chain to supermarket giant Asda in a deal worth around £600 million.
Sales 5% of the co-op’s entire retail assets – including 129 petrol stations and three development sites – will be handed over to Asda, which already operates 230 petrol stations across the UK.
The co-op, known for its supermarket chain and funeral care operations, said unloading its petrol forecourt would enable it to raise significant cash for the business while simultaneously focusing on its convenience business.
Asda will pay £438 million in cash and take on approximately £162 million of lease liabilities as part of the deal, with the final amount to be confirmed when completion later this year.
The co-op said the cash would go to finance new convenience stores in the heart of more communities and reduce its net debt.
About 2,300 co-workers who work on the sites being sold will be transferred to Asda once the deal is completed.
The co-op’s newly appointed Chief Executive Shireen Khouri-Haq said: “This transaction is in line with our strategy to move away from operating petrol forecourts and support our vision of collaborating for a fairer world while building our leading-edge facility.” does business.”
The sale is scheduled to be completed in the last three months of 2022.
Credit: www.independent.co.uk /