Morrisons loses £30m as it exits convenience stores – for now

MORRISONS has confirmed its exit from the convenience sector in a deal that will cost the supermarket group £30m.

It has sold 140 M Local stores to a team led by Mike Greene, a retail entrepreneur whose career has been spent in the convenience sector, and backed by Greybull Capital.

The deal is for £25m in cash, although Morrisons estimates it will incur a loss of £30m on disposal and has contigent liabilities on lease obligations of up to £20m, should the new business ... For the full story register now for free or login below...