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Co-op completes £600m sale of forecourt estate
The Co-operative Group has completed the £611m sale of their petrol forecourts estate to Asda as stated on the London Stock Exchange this morning.
The transaction includes 129 petrol forecourt sites, spread across the UK and represents 5% of Co-op’s retail estate of 2,564 stores.Recently appointed Shirine Khoury-Haq, the Chief Executive at the Co-op Chief Executive at the Co-operative Group comments: “This transaction is in line with our strategy to move away from operating petrol forecourts and supports our vision of Co-operating for a fairer world while building our core leading convenience business.
“I would like to thank our incredible colleagues in these stores, and we will work closely with Asda to ensure a smooth transition.”
The transaction is due to complete in Q4 2022, although the acquisition is subject to review by the Competition & Markets Authority (CMA).
The co-op has stated that its primary focus is on developing further its leading core convenience proposition, and the proceeds from the sale of its relatively small non-core petrol forecourt business, will be used to:
· Reinvest into Co-op’s leading core convenience business centred around its retail estate, as well as its growing wholesale, franchise and e-commerce operations, including new convenience stores in the heart of more communities
· Invest in Co-op’s pricing, store operations, technology, and logistics
· Support the reduction of Co-op’s net debt
Reopening the Ivanhoe Line would have significant business benefits, says East Midlands Chamber
Network Rail and Campaign for Reopening the Ivanhoe Line want to engage with businesses
CRIL, which was founded in 2019, will support Network Rail as a member of the programme board by engaging with local politicians and businesses. The relevant local authorities will decide on where stations, access and car parking are located. The group’s business liaison manager Stacey Ash said: “The decision to take our project to the next stage is a fantastic boost for the communities along the Ivanhoe Line, which could benefit from improved journey times and better connectivity across the region, regeneration of areas surrounding stations and a healthier environment. “We now need to engage even more closely with our local stakeholders, including businesses and residents, to help us understand their needs so we can fully articulate the benefits a reopened Ivanhoe Line will deliver.” A Network Rail spokesperson said: “We welcome the opportunity to work with all stakeholders along the line to further develop the business case to justify the reopening of the Ivanhoe Line to passengers, building on the work done so far by CRIL. “We encourage businesses to think about how a reopened line may be incorporated into their future business plans and to feedback via CRIL any economic or employee benefits they feel it might bring to them.” To speak with CRIL about how the Ivanhoe Line would support their business or employees, contact Stacey Ash at crilbusinessliaison@gmail.com. For more information on the CRIL, visit www.ivanhoeline.org.Two weeks to go until the East Midlands Expo!
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