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.
Terry Clark is the Publisher and Content Director of 365 Retail, with more than a decade of experience covering retail design, technology innovations, store openings and the wider retail industry. He also works closely with leading retailers, suppliers, agencies, events and industry awards across the UK.
