Moto owner CVC planning sale - report

The owners of Moto, one of Britain's biggest operators of motorway service stations, are reportedly preparing to put the company up for sale for more than £2bn.

According to Sky News, 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 company.

City sources told Sky a process was likely to get underway this year. One added that Moto could be worth as much as £3bn, depending on the level of competition among prospective buyers.

Moto has electric vehicle charging partnerships with companies including Elon Musk's Tesla, while its catering partners include KFC and Pret a Manger.

The company's two shareholders became joint owners in 2015, when CVC acquired a 40% stake.

CVC declined to comment to Sky.