Motor Fuel Group (MFG) has entered into an agreement to acquire 337 Morrisons petrol forecourts in a deal worth £2.5 billion (AUD $4.8 billion).
MFG will acquire the forecourts, including its fuel, convenience retail kiosk, and ancillary services, as well as over 400 associated sites for Ultra-Rapid EV charging development, making MFG the UK’s second largest convenience store operator.
As part of the transaction, Morrisons will take a minority stake of roughly 20 per cent in MFG and enter into commercial and supply agreements with the company by continuing to supply food and groceries, with the opportunity to expand its supply into the MFG estate over the medium term through its fast-growing wholesale operation.
Rami Baitiéh, CEO of Morrisons, said as the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see them combine their respective expertise and resources to deliver the best value for customers at the pump, in both their convenience stores and 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 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 will invest and install Ultra-Rapid EV charging infrastructure across the acquired sites, with a target of 800 Ultra-Rapid 150kW EV chargers in hubs 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 are 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.”
Following the acquisition of Morrisons in October 2021, all parties worked collaboratively with the Competition and Markets Authority (CMA) throughout 2022, with MFG subsequently selling 87 sites, thereby satisfying any competition concerns.