Morrisons to sell c-store network for £50 million
British retailer Morrisons will offload its c-store network for £50 million to Greybull Capital, which will rebrand the stores to My Local.
The management team from Morrisons spent the weekend trying to close the deal with potential owner Greybull Capital, a private investment company who famously saved airliner Monarch last year, according to The Telegraph.
Convenience store veteran Mike Green has spearheaded the bid for Morrisons´ retailing network, and wants to rebrand the chain from M Local to My Local, reported Retail Week.
David Potts, Morrisons´ Chief Executive, is expected to reveal dire results at this week’s interim results, with pre-tax profit collapsing from £239 million to £140.7 million, while revenues suffered a slight dip from £8.5 billion to £8.1 billion.
The offload of assets is part of Potts´ efforts to alleviate the difficult situation at the supermarket chain. He has already cut the executive team by axing 720 head office jobs, while strengthening the c-stores by hiring 5,000 additional shop floor staff.
