Belfast Telegraph

Home News UK

Shares dip with Morrisons 'to offload M-Local convenience stores'

Morrisons is reportedly nearing a deal to sell its 160 M-Local stores.

The Telegraph reported this weekend that the supermarket giant was looking to call time on its venture into smaller convenience stores.

It was in "advanced talks" with investment firm Greybull Capital, which will provide tens of millions of pounds to fund the takeover and provide the stores with working capital, the newspaper reported.

Morrisons declined to comment on the story.

Chairman Andy Higginson said that more than 30% of its convenience stores had not worked. Earlier this year, the UK's fourth largest supermarket confirmed plans to shut more than 20 M Local stores.

Shares in the supermarket dipped by around 1.5% in early trading.

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?


From Belfast Telegraph