UK: Co-op to sell 130 petrol stations for over $500 million
Britain’s The Co-operative Group is looking to offload a part of its fuel retail network to improve its financial situation.
The Co-op Group is in talks to sell 130 of its petrol stations for £450 million ($528M) as the retailer looks to reduce its debts in anticipation of economic difficulties.
Bankers at the investment bank Rothschild are understood to be advising the Co-op on a sale, which is probably to a buyer that is already active in fuel retailing, reports Sky News.
Sources said the business was expected to be sold to a trade buyer, with a deal potentially being agreed upon in the coming weeks.
Raising a further £450m would help tackle the group’s net debt, which soared to £920m, according to its last set of results, up from £695m in 2019 and £550m in 2020.
The group, which owns funeral homes and insurance as well as supermarkets, is hoping to trim its portfolio and be better prepared for a possible recession.
