Asda confirms plans to buy 132 Co-ops as part of plans to open corner shops

LONDON, ENGLAND - NOVEMBER 30: Members of the public wear face masks at Asda on November 30, 2021 in London, England. From today it is mandatory for people to wear facemasks in shops and travelling on public transport or face a £200 fine. The Omicron variant of the Covid-19 virus is thought to be more easily transmitted and more resistant to vaccines than previous variants. There have been cases found in England and Scotland and a travel ban from several southern African countries has already been implemented. (Photo by Kate Green/Anadolu Agency via Getty Images)

ASDA has confirmed plans to open buy 132 Co-op sites across the country.

The supermarket giant said the move is part of its plans to open more local, convenience stores.

Asda confirms plans to buy 123 Co-ops

The deal includes 129 retail sites with attached petrol stations, plus three development sites.

Around 2,300 workers currently employed by Co-op stores will transfer to Asda’s employment following the completion and transition period.

Asda say its new stores will be located nationwide and will see the supermarket create “new and distinct format in the convenience market.”

Mohsin Issa, co-owner of Asda, said: “We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business, giving us the opportunity to bring Asda value in fuel and groceries to even more customers and communities across the UK.”

Asda will pay £438 million in cash and take on around £162 million of lease liabilities as part of the deal, with the final amount set to be confirmed on completion later this year.

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