MFG MORRISONS DEAL POSITIONS MFG AS ONE OF LARGEST CHARGE POINT OPERATORS IN UK

MFG announced a £2.5bn deal today to acquire 337 Morrisons forecourts, with Morrisons takes a minority stake in MFG.

This is a very significant and long term commercial deal.

The proposed acquisition by MFG is of 337 Morrisons petrol forecourts (including fuel, convenience retail kiosk and ancillary services) and more than 400 associated sites, across the UK, for Ultra-Rapid electric vehicle (“EV”) charging development.

This deal will position MFG as one of the largest and most significant ultra-rapid EV charge point operators in the UK, with over 1,300 sites serving and powering millions of customers a week.

MFG will also grow to become the UK’s number two convenience store operator serving communities across the country.

MFG has already committed to completing its £400m EV roll out by 2030, and through this partnership intends to electrify approximately 800 sites with thousands of Ultra-Rapid chargers across the combined estate in that timeframe.

The proposed transaction will create significant synergies across fuel retail and ancillary services, as well as scale advantages and growth opportunities for both businesses.

It will benefit UK motorists and shoppers at the pump and in store, as well as helping the UK prepare for the end of new diesel and petrol car sales in 2035 as the Government strives to meet its 2050 net zero target.

The benefits of the transaction include:

• A commitment to supermarket fuel pricing across the Morrisons estate. Value-for-money supermarket fuel will remain the offering on Morrisons forecourts, with the Morrisons brand above the door.
• MFG will invest and install Ultra-Rapid EV charging infrastructure across the sites acquired by MFG, significantly expanding MFG’s market leading nationwide EV network.
• MFG is targeting the installation of 800 Ultra-Rapid 150kW EV chargers, in hubs, within the first five years alone. These chargers can add 100 miles of range in approximately 10 minutes.
• Significant investment to expand and improve the convenience retail proposition, with a focus on enhancing the retail environment, food-to-go and valeting facilities to customers, and
• Morrisons will continue to supply food and groceries across the 337 Morrisons petrol forecourts with the opportunity to expand its supply into the MFG estate over the medium term through its fast-growing wholesale operation.

William Bannister, CEO of MFG, said:

“MFG is proud to be a British entrepreneurial success story that is investing in jobs, critical infrastructure, and serving our communities to help the country achieve its decarbonisation transition.

This strategic acquisition, and the resulting partnership with the highly respected Morrisons brand, is the next major growth investment for MFG.

It is anchored in the potential for us to accelerate the roll-out of Ultra-Rapid EV charging infrastructure across the UK while also giving customers a first-class retail offer.

We will be there to serve and power our customers, regardless of what car they drive in the years and decades ahead as we play a key role in keeping the country and its economy moving.

We look forward to working with Morrisons to provide best-in-class charging, refuelling and retail experiences for all our customers.”

Rami Baitiéh, CEO of Morrisons, said:

“As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets.

It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons’ core food business.

We are delighted to have such a strong partner in MFG and look forward to the opportunities a combined MFG and Morrisons forecourt offering will provide.”  

Zapmap, the UK’s leading eMobility Service provider dedicated to accelerating the transition to low emission mobility, commented on the news.

Melanie Shufflebotham, Co-founder & COO at Zapmap, said:

“It’s fantastic to see MFG partnering with Morrisons to deliver reliable, high-powered charging for electric car drivers across the country.

This acquisition of sites for EV charging amounts to a significant expansion of MFG EV Power’s Ultra-Rapid network and is undoubtedly a win for UK motorists.

MFG’s fast-paced rollout of charging hubs is certainly impressive, while the increased availability of ultra-rapid charging capabilities across the UK will contribute to greater adoption of vehicles, which of course pollute less and support our collective efforts to reduce harmful carbon emissions.”

View article source here.