Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Co-op sells petrol courts to Asda in £600m deal

by August 31, 2022
August 31, 2022
Co-op sells petrol courts to Asda in £600m deal

The Co-operative Group has sold its petrol forecourts to Asda, the supermarket chain, for £600 million including liabilities.

Britain’s biggest mutual will reinvest the proceeds in its convenience stores, including expanding its wholesale, franchise and e-commerce operations and opening new convenience stores. Part of the cash will also be used to reduce debt.

The Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. It has an annual turnover of more than £11 billion and employs almost 60,000 people.

The group operates more than 2,500 food stores, more than 800 funeral homes and provides products to more that 5,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited.

It previously disposed of its chain of pharmacies and travel shops and is no longer a shareholder in the Co-operative Bank after a number of crises that almost led to its collapse

The business being sold includes 129 petrol forecourts across the Britain. Asda runs 320 petrol forecourts.

The £600 million represents the enterprise value of the business, which includes a cash payment of £438 million plus lease liabilities of about £162 million. The Co-op said that the final amount would be confirmed on completion.

Shirine Khoury-Haq, the new Co-op chief executive, said: “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.”

Khoury-Haq, 51, is the first female, and first member of an ethnic minority, to hold the role of chief executive at the group. She took over from Steve Murrells, who stepped down from the retailer in May after ten years, five of them as chief executive. She joined the Co-op in 2019 as chief financial officer from Lloyd’s of London, the insurance and re-insurance market.

Asda is owned by the billionaire Issa brothers and TDR Capital, the private equity firm, who together also own EG Group, the petrol forecourts chain.

They acquired the chain from Walmart for £6.8 billion after agreeing to sell 27 of its forecourts in order to secure the acquisition following competition concerns by the regulator. Last year they abandoned a plan to sell Asda’s forecourt business to their petrol empire for £750 million.

Read more:
Co-op sells petrol courts to Asda in £600m deal

0
FacebookTwitterGoogle +Pinterest
previous post
Get ready for 22% inflation, Goldman Sachs warns
next post
West Midlands could reap £1.5bn a year manufacturing boost

You may also like

Banks accused of dragging their feet over fraud...

November 10, 2023

Wealthier homeowners hit as banks raise mortgage rates...

May 29, 2025

Getting to Know You: Dr. Jatin Patel, Physician...

January 18, 2023

Summer Job Cuts as Minimum Wage Increase Bites

June 17, 2024

Transform Your Bathroom with These 5 Close Coupled...

May 9, 2023

Unison pushes for four-day work week for NHS...

June 22, 2024

UK launches post-Brexit trade scheme for 65 developing...

August 16, 2022

Simón Levy Explores Cross-Cultural Insights and Fostering Global...

October 25, 2024

Loss of tax-free tourist shopping blamed for Selfridges...

May 9, 2024

Number of firms fined for deliberate corporation tax...

August 22, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved