20th Oct 2015 06:41
LONDON (Alliance News) - Convenience store operator McColl's Retail Group PLC on Tuesday said it has decided to sell around 100 newsagents following a review of its store portfolio.
The company said the stores are expected to be sold for no less than their asset value, and the closure of the stores is anticipated to be earnings neutral in the 2016 financial year.
McColl's said it will continue to run its profitable newsagents and will convert these into convenience stores where appropriate.
"We have continued to make good progress on enhancing our offering and capturing growth in the convenience market. As we continue to grow our convenience store estate, we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives. The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores," said Chief Executive James Lancaster.
By Sam Unsted; [email protected]; @SamUAtAlliance
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