Thu, 10 Sep 2015 | BUSINESS SALE
Talks of a sale of Morrisons convenience stores have been in the offing for some time but a deal has finally been done and a sale agreed for around £25 million.
The company confirmed that the stores will be bought by a team headed up by retail entrepreneur Mike Greene in a sale that has been funded by Greybull Capital.
All 140 stores will change hands, with ten shops that are currently closed due to be reopened by the new owners. The company will keep on Morrisons 2,300 staff as well as creating around 200 new jobs through the opening of the closed stores.
David Potts, Morrisons chief executive who took up the position in February, said that the business has learnt a lot from this entry into the convenience market and while it was not successful this time around he did not rule out a similar venture in the future.
“Convenience is a large and growing channel in UK food retailing. Morrisons learnt much from its entry into the market, but M local was unable to scale,” said Mr Potts.
“However, we remain open to other opportunities in convenience in the future. I would like to thank all the Morrisons colleagues for their hard work and dedication to M local.”
The company posted an operating loss of £36 million in 2014/15, its interim results are expected this week.
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