‘Secret Millionaire’ owner of Morrisons’ local stores accuse retailer of “basic errors”

MIKE GREENE, the new owner of Morrisons’ short-lived chain of convenience stores has said they will turn a profit immediately, and criticised the retailer’s previous management.

Mr Greene, a former participant on Channel 4’s Secret Millionaire, said that he was predicting profits to roll in “immediately” from the My Local stores, as “basic errors” under previous management had stunted its growth, according to The Sunday Times.

With family investment fund Greybull Capital, Mr Greene bought the 140 stores in the M Local chain for £25m.

They are currently being rebranded as My Local, and with the help of Scunthorpe-based retailer Nisa.

Mr Greene said: “These stores are [sic] profitable on day one. “Everyone says it’s a failing business. However they had three distribution and 140 people in head office supporting these stores.We can run on a tenth of of their distribution costs by working with Nisa.”

Nisa signed on to a £1bn supply contract with the My Local stores last month, which will join Nisa’s independent and specialist business unit.

“We know Mike and his team well and we are very excited to be working with them,” said Nick Read, chief executive of Nisa. “Nisa offers an unrivalled range of products, we out-perform the market on fresh food, particularly through our award winning Heritage range, and our distribution service leads the sector.”