Morrisons in talks to sell convenience stores

Tue, 18 Aug 2015 | BUSINESS SALE

Morrisons is in advanced talks to sell its chain of convenience stores to an investment group in order to free itself up to focus on development of its supermarkets.

Reports from The Telegraph and The Financial Times revealed that people familiar with the matter said the firm is in exclusive talks with Greybull Capital regarding the potential sale of the 'M Local' business.

Greybull have not been the only potential buyer to approach the firm over its convenience stores. Alteri, a Mayfair-based investment firm with backing from US private equity group Apollo, is also thought to have made an approach.

Whoever eventually takes ownership of M Local will acquire between 150 and 160 stores which generate in the region of £250 million and £350 million in sales.

However, it remains unclear how much the group is thinking of paying for the retail acquisition and the structure their takeover would take in terms of closures and job cuts.

Any restructuring would follow an already extensive reshuffle implemented by Morrisons' chief executive David Potts, who joined the business as chief executive in March 2015. Mr Potts cleared out the boardroom and over 700 jobs from the firm's Bradford headquarters when he took control, leaving the company to work from a 'back to basics' approach.

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