Morrisons to press ahead with sale of forecourts
Morrisons continues to sell forecourts
Signing off: Morrisons is said to be sticking to its decision to exit fuel retailing
Morrisons is pushing ahead with plans to sell off its fuel stations despite the government’s shock decision to delay a ban on the sale of new petrol and diesel cars for five years.
The supermarket chain is believed to be sticking to its decision to exit fuel retailing – which has been a key driver in attracting customers to its stores – and instead focus on its core food retailing and manufacturing business.
Discussions to transfer 340 of the petrol stations to Motor Fuel Group (MFG) continue. Both companies are controlled by the American buyout group Clayton, Dubilier & Rice.
The news comes as Morrisons prepares to unveil a third consecutive quarter of underlying sales growth later this week.
MFG is the UK’s largest independent petrol station operator and has invested heavily in an ultra-fast electric vehicle charging network in addition to its 900 convenience stores.
But electric vehicle rollout plans suffered a blow last week when Prime Minister Rishi Sunak scrapped a ban on the sale of petrol and diesel cars by 2030.
The move means that the uptake of electric vehicles is likely to be slower than forecast as drivers hold on to their petrol and diesel cars for longer, although mandatory sales targets for electric vehicles remain in place.
MFG confirmed its interest in Morrisons stations and 500 plots where EV hubs could be set up, just days before Sunak’s bomb attack.
Analysts say MFG could now look to reduce the reported £2 billion price tag. Morrisons needs to raise money to pay off huge debts, they add.
Morrisons and MFG declined to comment.