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.
View other retail businesses for sale.
Expressions of interest for the business and assets are required by 5pm on 24th July 2019 with bids anticipated shortly thereafter. An opportunity exists to acquire the shares or alternatively the business and assets of this UK based, innovative comp...
*Trade Enquiries Only*. A leading UK designer, manufacturer and global distributor of critical components in specified compression fittings with a crucial safety function. Offers invited.
Manufacturer of Nets for everything except fishing. More than 130 years of continuous trading. The Company was founded in 1889 and is a very well established manufacturing business and has been a pioneer in the industry and consistently & successfull...
LEASEHOLD
|
19
|
|
Jul
|
Outdoor activity centre completes MBO | BUSINESS SALE
An outdoor water activity centre has been successfully sold ...
|
18
|
|
Jul
|
Filtermist International completes acquisition of industrial vacuum cleaner manufacturer | BUSINESS SALE
Filtermist International, an air extraction and filtration s...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Sep
|
Health company acquires mint and gum maker | BUSINESS SALE
Newcastle-under-Lyme-headquartered health group Health Made ...
|
22
|
|
Jun
|
My Local convenience store chain heads towards administration | ADMINISTRATION
Convenience store chain My Local faces being pushed into adm...
|
11
|
|
Jul
|
Endless close in on Kiddicare acquisition | DIVISION SALE
Private equity firm Endless is leading the race to season Ki...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources