Nisa boss steps down as Co-op takeover talks continue

The chief executive of convenience retailer Nisa is to step down as the business continues to thrash out a takeover deal with the Co-op.

Nick Read, who has overseen the transformation of the firm, returning the loss-making business to a profit of £2.8m during 2016/17, is to exit after less than three years in the role.

Nisa chairman Peter Hartley said: “We are grateful to Nick for his leadership during a challenging period for Nisa and the wider convenience sector.

“Nick and his team have brought much-needed stability to Nisa, and he will leave the business in a significantly improved financial position.”

It was revealed in August that Scunthorpe-based Nisa is in talks for a £140m deal for Co-op to take over the firm’s wholesale business that supplies Nisa’s 3,000 stores.

Co-op moved forward with a potential takeover of Nisa after the £130m Sainsbury’s bid stalled as the grocer awaited a verdict from the Competition and Markets Authority.

At the time, Hartley told shareholders that it was “its intention to progress matters as quickly as possible, in the hope that a transaction can be finalised.”