Co-op in talks for £450m petrol forecourts sale

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.

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.