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Morrisons takes £30m hit on sale of M local stores

The sale to an investment team funded by Greybull Capital has been agreed for about £30 million cash


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Morrisons will sell 140 M local stores for about £25m
Morrisons will sell 140 M local stores for about £25m

Morrisons has taken a £30 million hit on the sale of 140 M local stores.

 

The vast majority of stores in the retail brand’s convenience arm will be sold to an investment team headed by entrepreneur Mike Greene and backed by Greybull Capital for about £25m cash.

 

Five M local stores will be retained by Morrisons. These are either forecourts, or will be converted to small supermarkets.

 

Speaking on the sale, David Potts, Morrisons chief executive, suggested the retailer was not ruling out the convenience sector of the retail market.

 

He 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.

 

"I would like to thank all the Morrisons colleagues for their hard work and dedication to M local."

 

Morrisons revealed plans earlier this year it would close some of its convenience stores, as they had not performed to expectations.

 

In 2014/15, the M local stores to be sold recorded an operating loss of £36m. For 2015/16, the stores’ budgeted operating loss was £23m.

 

The shops will reportedly be rebranded as My Local. 200 jobs will be created by opening 10 stores which ae currently closed.


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