Morrisons has completed the sale of its forecourt business to specialist operator MFG. The completion of the deal marks a “new strategic partnership” between Morrisons and MFG. In the deal, MFG will take in 337 Morrisons’ petrol forecourts and approximately 400 associated sites on Morrisons’ car parks, having the price tag of £2.5 billion in cash and equity instruments.

Morrisons has taken a 20% stake in MFG and struck commercial and supply agreements, the supermarket said the deal underpins its convenience growth strategy. Morrisons will use the cash proceeds from the forecourt sale - amounting to £1.8 billion after fees and expenses - to “strengthen its capital structure and repay certain of its debt obligations.”