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El Corte Inglés sells 45% of its service station business, with a turnover of around €60 million, to Repsol

TOPICS:
repsol estacion servicios

Posted By: The Corner 3rd July 2024

Norbolsa | After 25 years of joint business, El Corte Inglés has sold 45% of the service station business (Gespevesa) to Repsol (REP). Thus, Repsol retains 95% of the company and El Corte Ingles keeps a symbolic 5%.

In any case, El Corte Ingles will continue to be the reference supplier of the service stations. Gespevesa manages 40 service stations, with a turnover of €60 million, registering a negative result of €4.1 million last year due to a series of impairments.

The sale price has not been disclosed, but the accounts of El Corte Inglés indicate a capital gain of €3.1 million.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.