16th Aug 2015 10:07
LONDON (Alliance News) - Wm Morrison Supermarkets PLC is in advanced talks to sell its M Local convenience store chain to a group of industry executives backed by investment firm Greybull Capital, The Telegraph reported Sunday.
The newspaper said it is understood that Greybull, which saved Monarch Airlines from bankruptcy last year, will provide tens of millions of pounds to fund the takeover and provide the stores with working capital.
The Morrisons convenience estate will include between 150 and 160 stores, which generate between GBP250 million and GBP350 million in sales, The Telegraph said, citing sources and adding that the shops are thought to generate a small profit.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11804737/Morrisons-close-to-convenience-stores-sell-off.html
Morrisons, which had been looking to try and catch up with its UK supermarket rivals in the convenience store sector, has now significantly slowed its M Local rollout and said in May it is reviewing its proposition and site selection criteria.
By Tom Waite; [email protected]; @thomaslwaite
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