Morrisons is pushing ahead with plans to offload its petrol forecourts business as it looks to bring down its soaring debts.
The supermarket is understood to be staying firm on its decision to exit fuel retailing to focus on its core food and manufacturing business instead.
The grocer is continuing discussions to sell all 340 of its petrol stations to Motor Fuel Group, which is also owned by private equity firm CD&R, This is Money reported.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
It is estimated that the deal could generate £2.5bn for Morrisons.
The funds would help the grocer pay off some of the £6.6bn debt pile that was dumped upon it following CD&R’s acquisition in 2021.
If the transaction goes ahead, it is likely to reignite concerns that the private equity firm is selling off Morrisons asset base to pay down debts.
CD&R has already sold off seven of the supermarket’s warehouses, which it now leases back.
Click here to sign up to Retail Gazette‘s free daily email newsletter
