In UK, Morrisons Sells Over 300 Petrol Forecourts

Buyer MFG announces plans to roll out 800 rapid charging sites for EVs.

February 06, 2024

British supermarket Morrisons said that it entered a deal with Motor Fuels Group (MFG) to sell 337 petrol forecourts in a £2.5 billion ($3.2 billion) transaction, reported Reuters. The supermarket chain intends to use the proceeds to invest in its grocery offer and strengthen its capital structure.

According to BBC, the forecourts will keep the Morrisons name, and the supermarket will still provide food and groceries to the convenience stores located at the sites.

The companies stated that the deal will also include more than 400 of Morrisons electric vehicle (EV) charging sites, located across the United Kingdom, noted Reuters.

"Morrisons and MFG's partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets,” said Rami Baitiéh, chief executive of Morrisons.

Baitiéh added, "It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefiting from greater focus on investment in Morrisons' core food business."

MFG announced that within the first five years following the deal, it wants to roll out 800 ultra-rapid EV chargers across the United Kingdom, adding to the company’s already existing 900 charging sites. According to BBC, “Under the deal it would become one of the biggest EV charge point providers in the UK with some 1,300 in total.”

Both Morrisons and MFG are owned by U.S. private equity group Clayton, Dubilier & Rice (CD&R).