PETROL STATIONS: Corte Ingles holds a minority stake in the Gespeversa company
Photo credit: Repsol
El Corte Ingles and Repsol are separating as the department store chain sells most of its half-share in their petrol station business, Gespevesa.
Since 1998 Repsol provided the fuel and the Corte Ingles has sold food, toiletries and other items through its Supercor Stop Go convenience stores at hundreds of service stations.
This commercial relationship remained changed December 2023, when Repsol acquired 45 per cent of the Corte Ingles’s 50 per cent holding in Gespevesa.
The department store retains a 5 per cent stake in Gespevesa which has recently generated little in the way of dividends.
These amounted to approximately €15 million over the last 10 years, with just one payout of around €500,000 since 2020.
Neither El Corte Ingles nor Repsol’s company accounts, both of which were posted recently, revealed how much cash changed hands, although the former’s referred to a profit of €3.5 million on the transaction.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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