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The supermarket chain Wm Morrison is in talks about a £2bn deal to offload one of Britain’s biggest petrol forecourts empires.

Sky News has learnt the grocer has opened discussions with Motor Fuel Group (MFG) about a deal, with an agreement possible during the autumn.

Both Morrisons and MFG are controlled by the private equity firm Clayton Dubilier & Rice (CD&R), and sources said the talks were focused on a transaction with an enterprise value of up to £2.5bn.

Morrisons’ fuel retailing operations encompass about 340 sites, with another 150 potentially being added as MFG targets the rapid expansion of its ultra-fast electric vehicle (EV) charging network.

Industry sources pointed out that it would echo a deal that was explored between EG Group, the fuel retailing giant, and Asda – both of which are owned by TDR Capital and the Issa brothers Mohsin and Zuber.

Those talks eventually culminated in an announcement in May that Asda would acquire EG’s operations in the UK and Ireland.

News of the talks between Morrisons and MFG comes months after CD&R called a halt to a potential sale of the latter business.

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Banking sources said the deal, if it went ahead, would have benefits for both parties, and was being negotiated from a proactive position, with neither company facing refinancing deadlines until 2027.

The two sides are said to be keen to position the agreement as a commercial tie-up, the possibility of which was initially flagged two years ago when CD&R outlined the “potential opportunity for a commercial operational partnership between Morrisons and MFG”.

CD&R’s £7bn takeover of Morrisons was scrutinised by competition regulators partly on the basis of the buyout firm’s existing ownership of MFG.

The Competition and Markets Authority (CMA) ruled that the sale of 87 of MFG’s petrol forecourts would be sufficient to alleviate its concerns.

That deal has since been completed.

The addition of high-quality convenience retailing operations to fuel retail sites has made it one of the most intense battlegrounds for British shoppers in recent years.

However, fuel retailers have drawn intense scrutiny from the government and CMA in recent months as ministers have sought ways to ease the cost-of-living crisis.

In July, the then energy secretary, Grant Shapps, said forecourt operators would be forced to publish live prices in order to provide motorists with greater transparency.

The discussions between Morrisons and MFG are said to envisage all or the vast majority of the former’s petrol retailing sites being sold.

“A deal will allow both companies to play to their strengths, with Morrisons’ pumps operated by MFG, a best-in-class forecourt operator, and the supermarket chain focusing on what it does best – food making and retailing,” said one person close to the talks.

It would also, they said, strengthen Morrisons’ ability to invest in its wholesale and convenience offerings as channels for growth.

In addition, according to the source, customers would get better value at the pump because of MFG’s ability to leverage the price benefits of bulk fuel purchases “to support a compelling fuel value proposition”.

MFG is understood to have invested £400m in the last decade on its EV charging network.

City advisers have been approached to work on the deal, which could be announced as soon as next month.

CD&R, Morrisons and MFG all declined to comment.

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Baroness Mone: I have no wish to rejoin Lords as Conservative peer

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Baroness Mone: I have no wish to rejoin Lords as Conservative peer

Baroness Michelle Mone has broadened her attack on her political critics, accusing Conservative leader Kemi Badenoch of using “inflammatory” and “reckless” language that could prejudice a police investigation into her role in the awarding of PPE contracts.

A day after she wrote to Sir Keir Starmer, accusing the government of pursuing a vendetta against her, the former Conservative peer responded to comments by Ms Badenoch following a High Court ruling that a company linked to Baroness Mone’s husband must repay £122m received for surgical gowns.

The court found that PPE Medpro, founded by her husband Doug Barrowman, was in breach of contract with the Department of Health and gave it two weeks to repay the sum.

While not a director of the company, Baroness Mone used her political contacts to introduce PPE Medpro to the government’s “VIP fast-lane” at the start of the pandemic, and a family trust of which her children are beneficiaries received £29m of the profits.

A separate criminal investigation by the National Crime Agency (NCA) is ongoing, and assets linked to the couple worth £75m have been frozen while it continues.

In a series of radio interviews, Ms Badenoch criticised Baroness Mone, accusing her of bringing shame on the Conservative Party and calling for her to step down from the House of Lords.

“Where people do wrong, they should be punished,” she said. “They should face the full force of the law and this is something that I very strongly believe in,” she said.

“And as the prosecution against her continues, they should throw the book at her for every single bit of wrongdoing that has taken place.”

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Baroness Mone ‘should resign’

In a letter from her private office, Baroness Mone accuses the Tory leader of being ignorant of the facts and calls out a series of other Conservative politicians who introduced companies to the VIP lane.

“I was shocked to the core to read about your inflammatory language on BBC Radio yesterday calling for me to resign from the House of Lords,” she writes.

“You are commenting on a live criminal investigation that could prejudice the outcome of any trial, and in so doing, you are reportable to the attorney general for breach of and contempt of court. Does no one ever tell you these things before you and your colleagues make reckless statements in the public domain?”

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Baroness Mone goes on to say the NCA investigation has “nothing to do with PPE Medpro and the contracts”.

“The case theory of the NCA investigation is that I somehow misled the Conservative government about my alleged concealed involvement and ended up pocketing a lot of money,” she writes. “Well I’m sorry to disappoint you, but it isn’t true.”

She also says the Conservative government knew of her involvement and names former health secretary Matt Hancock, Lord Agnew, Lord Feldman and Lord Chadlington as being among 51 “mostly Conservative peers and MPs” who introduced providers to the VIP lane.

“So Kemi, my role was exactly the same as all other Conservative MPs and peers who were trying to help provide PPE… if I have done wrong, then so have all the others in the VIP lane. In which case, you should be calling out for them to resign as well. That’s if you manage to work out what it is they are supposed to have done wrong.”

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The High Court says a company linked to Mone breached a government contract of nearly £122m

She concludes by saying she has no wish to rejoin the Lords as a Conservative peer when her leave of absence ends, “that’s assuming there still is a Conservative Party before the next General Election”.

The letter comes as an online petition calling for Baroness Mone to step down from the Lords, launched by the Covid-19 Bereaved Families for Justice, attracted 60,000 signatures in 24 hours.

The Conservative Party has been approached for comment.

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Customer details stolen in Renault UK cyber attack

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Customer details stolen in Renault UK cyber attack

Renault UK has become the latest car company to be hit by a cyber attack.

The firm said some customer personal data had been accessed during a breach of one of its third-party data providers, but that no financial information or passwords had been compromised.

A spokesman said this included “customer names, addresses, dates of birth, gender, phone numbers, vehicle identification numbers and vehicle registration details”.

It comes after Jaguar Land Rover (JLR) was forced to suspend production at its UK factories following a cyber attack on 31 August.

JLR said earlier this week that it planned to resume limited production “in the coming days”, but no firm date has been announced.

Renault UK said none of its systems had been compromised, and manufacturing has not been affected.

A spokesperson added: “The third-party [data] provider has confirmed this is an isolated incident which has been contained, and we are working with it to ensure that all appropriate actions are being taken. We have notified all relevant authorities…

“We wish to apologise to all affected customers. Data privacy is of the upmost importance to us and we deeply regret that this has occurred.”

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Renault UK confirmed it was in the process of contacting all customers affected and advised them “to be cautious of any unsolicited requests for personal information”.

It refused to say how many were affected “for ongoing data security reasons”.

Retailers, airports and even a nursery chain have been targeted by cyber criminals during a spate of online attacks in recent months.

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Furniture retailer Cotswold Company lays groundwork for sale

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Furniture retailer Cotswold Company lays groundwork for sale

The long-standing owner of The Cotswold Company, the premium furniture and homewares brand, is paving the way for a sale after retaining investment bankers to oversee discussions with potential buyers.

Sky News has learnt that True, the private equity firm, recently appointed Rothschild-owned Arrowpoint Advisory to formulate a long-term disposal plan.

Sources said an auction of the premium handcrafted furniture retailer was not imminent, but acknowledged True was expected to pursue a sale in the next couple of years.

The investor has owned the business since 2016.

News of the prospective sale comes two weeks after The Cotswold Company reported a 30% rise in sales in the six months to August 30.

It said the rise had been driven by strong momentum behind the brand, as well as improvements to its digital offering.

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The company has more than 250,000 active customers, and opened two new showrooms during the half-year period.

Ralph Tucker, The Cotswold Company’s chief executive, said it provided “alternatives to soulless and low-quality furniture”.

It recently recruited TV personality Will Kirk as its quality expert, which it hopes will cement its credentials as a seller of products known for their craftsmanship and sustainability.

True and The Cotswold Company declined to comment.

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