The Manchester based Co-operative Group said it has agreed to sell its 129-strong petrol forecourt chain to supermarket giant Asda in a deal worth £600 million
The sale will see 5% of Co-op’s entire retail estate – including the petrol stations and three development sites – handed over to Asda, which already runs 230 petrol stations across the UK
Asda will pay £438 million in cash and take on around £162 million of lease liabilities as part of the deal, with the final amount set to be confirmed on completion later this year.
The Co-op said that offloading its petrol forecourts will allow it to focus on its convenience business as well as raising important cash for the business.
