Menu
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)
Related UK National News Stories
Click here for the latest headlines.
24 April 2008
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'. The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
11 March 2010
New Stores Help Boost Morrisons
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.
New Stores Help Boost Morrisons
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.
17 June 2014
Morrisons To Axe 2,600 Jobs
Struggling supermarket chain Morrisons has confirmed it plans to cut 2,600 jobs and introduce a "simpler management structure" at its stores as sales and market shares continue to fall. The management structure represents 2% of its workforce. Chief Executive Dalton Philips said: "This is the right time to modernise the way our stores are managed.
Morrisons To Axe 2,600 Jobs
Struggling supermarket chain Morrisons has confirmed it plans to cut 2,600 jobs and introduce a "simpler management structure" at its stores as sales and market shares continue to fall. The management structure represents 2% of its workforce. Chief Executive Dalton Philips said: "This is the right time to modernise the way our stores are managed.
21 August 2013
Major Fire At Greater Manchester Recycling Plant
Some 50 firefighters are continuing to tackle a fire at a recycling plant in Greater Manchester. The blaze broke out around 9pm at the plant in Bredbury, Stockport. The site is next to a Morrisons supermarket. It is understood that the fire started in bales of recyclable materials, which are spread across a 100m by 100m site.
Major Fire At Greater Manchester Recycling Plant
Some 50 firefighters are continuing to tackle a fire at a recycling plant in Greater Manchester. The blaze broke out around 9pm at the plant in Bredbury, Stockport. The site is next to a Morrisons supermarket. It is understood that the fire started in bales of recyclable materials, which are spread across a 100m by 100m site.
25 April 2012
Report Criticises Supermarkets For Continuing To Display Sweets At The Checkout
The Children's Food Campaign (CFC) have accused supermarkets of undermining parents' efforts to feed children healthily by displaying junk food near checkout queues.
Report Criticises Supermarkets For Continuing To Display Sweets At The Checkout
The Children's Food Campaign (CFC) have accused supermarkets of undermining parents' efforts to feed children healthily by displaying junk food near checkout queues.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
