Tue, 18 Aug 2015 | BUSINESS SALE
Morrisons is in advanced talks to sell its chain of convenience stores to an investment group in order to free itself up to focus on development of its supermarkets.
Reports from The Telegraph and The Financial Times revealed that people familiar with the matter said the firm is in exclusive talks with Greybull Capital regarding the potential sale of the 'M Local' business.
Greybull have not been the only potential buyer to approach the firm over its convenience stores. Alteri, a Mayfair-based investment firm with backing from US private equity group Apollo, is also thought to have made an approach.
Whoever eventually takes ownership of M Local will acquire between 150 and 160 stores which generate in the region of £250 million and £350 million in sales.
However, it remains unclear how much the group is thinking of paying for the retail acquisition and the structure their takeover would take in terms of closures and job cuts.
Any restructuring would follow an already extensive reshuffle implemented by Morrisons' chief executive David Potts, who joined the business as chief executive in March 2015. Mr Potts cleared out the boardroom and over 700 jobs from the firm's Bradford headquarters when he took control, leaving the company to work from a 'back to basics' approach.
View other retail businesses for sale.
This leading recruitment agency boasts over 30 years of expertise in mechanical and electrical engineering, offering a robust infrastructure and an extensive candidates' database.
Explore a dynamic business opportunity with a relocatable, eco-friendly contract packing and reworking specialist located in Norfolk.
A highly respected family business specialising in waste recycling is now available in West Yorkshire, offering a unique opportunity in a thriving industry.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.