Monarch rescuers pilot swoop for Morrisons convenience stores
DAVID POTTS’ back to the future revolution at Morrisons is about to begin phase two as the supermarket chain is reportedly close to selling off its convenience store chain.
The former Tesco director took over the Bradford-based group in March and set upon overhauling personnel and the personality of the brand.
Out went advertising frontmen Ant and Dec, half of his management board and 720 head office staff, while in came thousands of new staff instore, express check-outs and, crucially, a sense of momentum.
From the start Mr Potts said he would take six months before setting out his strategy, but clearly did not wait before implementing it.
But with his self-imposed settling-in period coming to an end when Morrisons announces its interim results on September 10, the disposal of the convenience stores is a key part of his transformation strategy.
Around 160 stores would be sold, with Greybull Capital – the investment firm that swooped for failing airline Monarch last year – reported to be fronting a group of retail professionals that is in exclusive talks to secure a deal.
The convenience store chain has been problematic for Morrisons, both when it didn’t exist and even when it did, and earlier this year 23 under-performing stores were closed.
