Manchester-based Co-op Group is in talks to sell 130 of its petrol stations for about £450 million as it seeks to reduce its debts, according to a Sky News report.

Investment banker at Rothschild are understood to be advising the Co-op on a sale. A spokesperson for Co-op declined to comment.

The group’s net debt has soared to £920 million, according to its last set of results, up from £695 million in 2019 and £550 million in 2020.

Co-op Group previously disposed of its chain of pharmacies and travel shops, and is no longer a shareholder in the Co-operative Bank.