Co-op completes £600m forecourt sale to Asda

Co-op has completed the £600m sale of its petrol forecourts business to Asda. The group agreed to sell the 129 fuel stations in August. “Sale proceeds will be used to reinvest into Co-op’s leading core convenience business, pricing, store operations, technology  and logistics, as well as to further support the reduction of Co-op’s net debt,” the company said on Monday. The sale will result in 5% of Co-op’s retail estate, including the 129 petrol stations with grocery stores attached located across the UK and three development sites, being rebranded and folded into Asda, which already runs 323 petrol stations across the UK. Asda is owned by the Issa brothers and TDR Capital, who also co-own the petrol station operator EG Group, which holds around 700 forecourts. Co-op said it planned to open more convenience stores. The Guardian