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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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