Co-op in talks to sell 130 petrol stations in effort to reduce debts

The money raised from the sale of the petrol stations would help reduce Co-op ’s net debts, which soared to £920m in its last set of results. Photograph: Nicholas.T Ansell/PA

The Co-op Group is in talks to sell 130 of its petrol stations for £450m as the business seeks to reduce its debts in anticipation of a potentially severe economic downturn.

Bankers at the investment bank Rothschild are understood to be advising the Co-op on a sale, which is probably to a buyer that is already active in fuel retailing, according to Sky News. A spokesperson for Co-op declined to comment.