Motor Fuel Group (MFG) is set to acquire 337 Morrisons petrol forecourts (including fuel, convenience retail kiosk and ancillary services) and more than 400 associated sites for Ultra-Rapid electric vehicle (EV) charging development.
The proposed £2.5bn transaction forms a new strategic partnership between the two companies. As part of the transaction Bradford-headquartered Morrisons will take a minority stake of approximately 20% in MFG, and enter into commercial and supply agreements with MFG.
Every Morrisons forecourt colleague will be provided with an in-store position on the same pay and employment terms, and in nearly all circumstances this position will most likely be in the store to which the forecourt is attached. There will be no compulsory redundancies.
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 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.”
William Bannister, CEO of MFG, said: “MFG is proud to be a British entrepreneurial success story that is investing in jobs, critical infrastructure, and serving our communities to help the country achieve its decarbonisation transition. 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.”
