Asda completes Co-op petrol station deal
Approximately 2,300 staff currently employed by The Co-op will move to Asda’s employment under TUPE transfer in the coming months, following consultation with USDAW
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Asda has completed the acquisition of 132 grocery retail sites with attached petrol stations from the Co-op for a value of £600m.
It is reported that the acquisition, which was initially announced in late August 2022 for a cash value of £438m, includes 129 “high-quality” existing sites across the UK with a retail store of between 1,500 and 3,000 sq ft, as well as attached petrol stations and three developed sites.
In addition, approximately 2,300 staff currently employed by the Co-op will move to Asda’s employment under TUPE transfer in the coming months, following consultation with USDAW.
However, the deal remains subject to regulatory approval from the Competition and Markets Authority (CMA), requiring the Co-op sites to remain entirely separate from Asda while the authority conducts an investigation into the deal. The process is expected to take until mid-2023.
Mohsin Issa, co-owner of Asda, said: “We are delighted to formally complete the transaction that we announced in August and take the next step on our journey to creating a new and exciting part of our Asda business.
“As millions of families deal with the day-to-day impacts of increasing costs of living, we’re committed to bringing Asda’s great value groceries and fuel to even more communities across the UK through these new stores.”
He added: “We look forward to working collaboratively with the CMA on their investigation and to welcoming our new Asda colleagues to our great business in the coming months.”
