Disposal of motorway service sites agreed
Wednesday 10 July 1996
Under the agreement, the company agreed to sell by 25 April next year the 21 Welcome Break sites it took on following its pounds 3.9bn takeover of Forte, concluded in February.
Granada also agreed to abide by price controls on its services and food in the period leading up to divestment, in the form of a revenue cap set by reference to prices on 21 March. The deadline, originally set at 15 months from the date of the undertakings, was also changed. The undertakings were amended following representations by rival operators, who had accused Granada of abusing its near-monopoly on Britain's motorways.
The most likely buyers of Welcome Break are the brewers Whitbread or Bass, the French hotels and services company Accor or a fast-food company, possibly McDonald's. Burger King has already reached an agreement with Granada to franchise its restaurants on Granada motorway sites.
Charles Allen, Granada's chief executive, said: "My preference is to move very quickly."
- 1 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...