Motor Fuel Group (MFG) has sealed a deal to acquire 337 Morrisons forecourts in a transaction valued at £2.5 billion. This strategic move marks the inception of a robust partnership between MFG and Morrisons. Morrisons have secured a minority stake of approximately 20 percent in MFG, solidifying their long-term commercial collaboration.
The acquisition targets the fuel retail and ancillary services market and positions both companies for growth and substantial synergies. The deal encompasses Morrisons' commitment to maintaining supermarket fuel pricing across its forecourts, with the Morrisons brand prominently displayed. Additionally, MFG plans to invest in and install Ultra-Rapid EV charging infrastructure across the acquired sites, projecting the installation of 800 Ultra-Rapid 150kW EV chargers within the first five years alone.
The transaction's key benefits include expanding and improving convenience retail propositions, focusing on enhancing retail environments, food-to-go, and valeting facilities. Morrisons will continue supplying food and groceries across the acquired forecourts, potentially extending its supply into the MFG estate over the medium term.
The move positions MFG as a major player in the ultra-rapid EV charging space, with over 1,300 sites and plans to electrify approximately 800 sites with thousands of Ultra-Rapid chargers by 2030. This aligns with MFG's commitment to completing its £400 million EV rollout by 2030.
For Morrisons, the proceeds from the sale will fuel further investments in the grocery and food-making businesses, strengthening the overall capital structure.
Anticipating a positive impact on job creation, the transaction emphasises investment in EV charging, valeting, and expanding convenience offerings. MFG's unique employment model ensures that every Morrisons’ forecourt colleague will be provided with an in-store position on the same pay and employment terms, with no compulsory redundancies.
Rami Baitiéh, CEO of Morrisons, shared excitement about the partnership, adding that the collaboration has the ability to deliver the best value for customers and highlighting the expanded access to EV charging.
William Bannister, CEO of MFG, sees the acquisition as a major growth investment, anchored in accelerating the Ultra-Rapid EV charging infrastructure rollout and delivering a top-notch retail experience. The collaboration aims to provide customers with best-in-class charging, refuelling, and retail experiences.
Zapmap, a leading eMobility service provider, lauds the move, emphasising the positive impact on the expansion of MFG EV Power's Ultra-Rapid network and its contribution to greater adoption of electric vehicles in the UK.
