Morrisons has announced it is selling 337 of its petrol forecourts and 400 associated sites across the UK to Motor Fuel Group (MFG).

As part of the £2.5 billion deal, the retailer is also taking a 20 per cent take in MFG.

MFG will use the sites, which include fuel, convenience retail kiosk, and ancillary services, for the development of ultra-rapid electric vehicle (EV) charging. The company aims to install 800 Ultra-Rapid 150kW EV chargers, in hubs, within the first five years.

The supermarket chain will continue to supply food and groceries across the petrol forecourts, with the potential to expand its supply into the MFG estate over the medium term through its wholesale operation.

Morrisons said that the proceeds of the sale will fund further investment into its grocery and food making businesses and "significantly" strengthen its capital structure.

“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," said Rami Baitiéh, chief executive, Morrisons. "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."

---