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09/09/2015
Morrisons To Sell Convenience Stores
Morrisons has agreed to sells its 140 M local convenience stores for approximately £25 million.
It is understood a team led by retail entrepreneur Mike Greene and backed by Greybull Capital LLP will purchase the stores.
The supermarket chain will retain five M local shops and expects to incur a loss on disposal of around £30m.
In March 2015, Morrisons announced a review of the M local business.
David Potts, Morrisons CEO, said: "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.
"However, we remain open to other opportunities in convenience in the future."
(LM)
It is understood a team led by retail entrepreneur Mike Greene and backed by Greybull Capital LLP will purchase the stores.
The supermarket chain will retain five M local shops and expects to incur a loss on disposal of around £30m.
In March 2015, Morrisons announced a review of the M local business.
David Potts, Morrisons CEO, said: "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.
"However, we remain open to other opportunities in convenience in the future."
(LM)
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Supermarket chain Morrisons has reported bumper sales, citing new store launches for its success. Like-for-like pre-tax profits for last year jumped to £858m, from £655m in 2008/09. Annual sales were up 6%, excluding fuel and VAT. Turnover also grew by 6% giving a total value of £15.4bn. Basic earnings per share was 22.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
