The owners of Moto are preparing to put the company up for sale for more than £2bn, according to Sky News.
It is understood that CVC Capital Partners and the Universities Superannuation Scheme (USS), which have jointly owned Moto since 2015, have hired Rothschild to oversee an auction of the operator of motorway service stations.
City sources said a sale process was likely to get underway this year and could be worth as much as £3bn, depending on the level of competition among prospective buyers.
Moto operates 69 sites, including 49 sites at 34 motorway service area locations and a number of off-motorway locations.
In 2022 it reported a 34% increase in turnover to £1.06bn, whilst operating profit was £60.6m, up from £45m in 2021.
The company’s two shareholders became joint owners in 2015, when CVC acquired a 40% stake.
