Morrisons has agreed to sell 337 of its petrol forecourts to Motor Fuel Group in a blockbuster deal worth £2.5billion.
The UK supermarket chain and Motor Fuel Group (MFG) has entered into an agreement relating to the proposed acquisition of 337 petrol forecourts, including fuel, convenience retail kiosks and ancillary services.
Another part of the deal will see more than 400 associated sites across the UK be used for ultra-rapid electric vehicle charging development.
The transaction will also see Morrisons take a minority stake of around 20 per cent in MFG, as well as the supermarket entering into supply agreements with the independent forecourt operator.
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Morrisons will secure a 20 per cent stake in MFG as part of the deal
PA
Motor Fuel Groups, which has the same private equity owner as the supermarket, aims to install 800 ultra-rapid 150kW EV chargers within the first five years alone.
William Bannister, CEO of MFG, said: “This strategic acquisition, and the resulting partnership with the highly respected Morrisons brand, is the next major growth investment for MFG.
“It is anchored in the potential for us to accelerate the roll-out of ultra-rapid EV charging infrastructure across the UK while also giving customers a first-class retail offer.
“We will be there to serve and power our customers, regardless of what car they drive in the years and decades ahead as we play a key role in keeping the country and its economy moving.
“We look forward to working with Morrisons to provide best-in-class charging, refuelling and retail experiences for all our customers.”
According to RAC Fuel Watch, Morrisons is currently selling unleaded petrol for 137.2p per litre – the cheapest average cost compared to the other “big 4” supermarket chains.
At its lowest rate, unleaded will cost drivers 132.7p, while diesel drivers can pay as little as 139.9p per litre if they shop around different Morrisons forecourts.
Rami Baitiéh, CEO of Morrisons, said: “As the needs of the customer continue to evolve, 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.
“It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from a greater focus on investment in Morrisons’ core food business.
“We are delighted to have such a strong partner in MFG and look forward to the opportunities a combined MFG and Morrisons forecourt offering will provide.”
MFG has already committed £400million to the rollout of electric vehicle charging stations, with the company aiming to lead the market by 2030.
Commenting on the planned expansion of electric vehicle charging provisions, Melanie Shufflebotham, co-founder and COO at Zapmap, said it was “fantastic to see” and will help motorists make the switch.
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MFG has pledged more than £400million for EV charging hubs
MFG
She added: “This acquisition of sites for EV charging amounts to a significant expansion of MFG EV Power’s ultra-rapid network and is undoubtedly a win for UK motorists.
“MFG’s fast-paced rollout of charging hubs is certainly impressive, while the increased availability of ultra-rapid charging capabilities across the UK will contribute to greater adoption of vehicles, which of course pollute less and support our collective efforts to reduce harmful carbon emissions.”