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.
Located in North Berwick, a highly sought after location, and is truly a fantastic destination due to its picturesque coastal setting, sandy beaches, and wonderful views of the surrounding islands.
A spectacular 41-bedroom, 3* hotel in historic village, popular with tourists. Situated at "the Gateway to the Highlands" & West Coast mainline railway junction.
FREEHOLD
With its picturesque location in the Isle of Whithorn on the beautiful Solway Coast of Dumfries & Galloway in South West Scotland. The inn, which has been owned and operated by the same family for over 40 years, has 7 Letting Bedrooms, 2 bars and 2 r...
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.