20th Dec 2016 08:25
LONDON (Alliance News) - McColl's Retail Group PLC on Tuesday welcomed the UK Competition & Markets Authority's approval of McColl's acquisition of convenience stores from the Co-operative Group Ltd.
McColl's agreed the purchase of 298 convenience stores from Co-op in July for a total of GBP117 million.
Following the UK regulator's approval, McColl's said on Tuesday it will begin to integrate the stores in late January, expecting all conversions to be completed by the end of August next year. Once completed, convenience stores will comprise over three-quarters of McColl's total estate.
"We are delighted that the CMA has approved our acquisition of these 298 quality convenience stores. This is a transformational deal, which substantially accelerates our growth strategy and expands our neighbourhood presence for the benefit of our customers," Chief Executive Jonathan Miller said in a statement.
"We have a long history and proven track record of successfully integrating convenience stores into our estate, and we expect these newly acquired stores to make a significant contribution to our future strategic plans," he added.
The CMA released a separate statement on Tuesday confirming that it would not refer the merger to a Phase 2 investigation.
Shares in McColl's were untraded early Tuesday, last quoted at 180.50 pence.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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