Co-op to sell petrol forecourt business to rival Asda for £600m

Company says money from deal will be used to cut debt and reinvested in its core convenience' business

The Co-operative Group has agreed to sell its petrol forecourt business to its supermarket rival Asda for 600m, saying it would use the money to reduce debt and open more convenience stores.

The sale includes 129 petrol stations with grocery stores attached located across the UK, representing 5% of Co-op's retail estate of more than 2,500 outlets, as well as three planned petrol station sites that are yet to be developed.