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 ... You can carry on reading for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...