The Co-operative Group has completed the sale of its petrol forecourt business to Asda for £600 million.
This transaction includes 129 petrol forecourt sites, spread across the UK and represents 5% of Co-op’s retail estate of 2,564 stores.
Proceeds from the sale will be reinvested into Co-op’s convenience business centred around its retail estate, as well as its growing wholesale, franchise and e-commerce operations, including new convenience stores.
The sale will also aid investment in store operations, technology, and logistics in addition to supporting the reduction of Co-op’s net debt.
Shirine Khoury-Haq, Chief Executive at the Co-op commented:
“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.
