Morrisons agree to M Local sale of 140 shops
Morrisons have agreed to sell its 140 M Local convenience stores. Of course, we told you about this already last month... but there's a twist in the tale. Of a fashion.
The supermarket chain will be flogging M Local for about £25m, after initial estimates for the buy-out were £125m. That's quite the drop in price.
As previously reported, the sale is funded by Greybull Capital, led by the retail entrepreneur Mike Greene. As an aside, Mike Greene was on Secret Millionaire that was on TV.
The shops won't be going anywhere though, as they'll be rebranded as 'My Local', which is good news for some 2,300 members of staff who will all keep their jobs. There's going to be an extra 200 jobs created too, as there's set to be 10 shops that are going to be reopened.
Morrisons, meanwhile, are going to concentrate on the rest of their outlets, doing whatever it is they're supposed to be doing. No-one really knows, as no-one will admit to shopping with them.