Completion of petrol forecourt business sale

Co-operative Group Limited

31 October 2022

Co-op announces completion of petrol forecourt business sale

The Co-operative Group ('Co-op') today announces the completion of the sale of its non-core petrol forecourt business, for an enterprise value of £611 million*.

This follows the previous announcement on 31 August 2022, that Co-op had entered into an agreement to sell the 129 petrol forecourt sites to Asda, following a formal sale process.

Sale proceeds will be used to reinvest into Co-op's leading core convenience business, pricing, store operations, technology, and logistics, as well as to further support the reduction of Co-op's net debt.

ENDS

For further information contact:

Co-op

· Russ Brady: 07880 784442

· Cat Turner: 07834 090783

Notes to Editors

*transaction completed on 30 October 2022, for an enterprise value of £611m, inclusive of lease liabilities of £173m, subject to finalisation of the completion accounting position.

About the Co-op

Co-op is one of the world's largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates over 2,500 food stores, over 800 funeral homes and provides products to over 5,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. 

Employing almost 60,000 people, the Co-op has an annual turnover of over £11billion and is a recognised leader for its social goals and community-led programmes. The Co-op exists to meet members' needs and stand up for the things they believe in.