MyLocal in site sell-off plan
MYLOCAL, the convenience store chain bought from Morrisons last year, is understood to be selling more than 10% of its estate to rivals.
Around 25 of the MyLocal estate is to be sold to Co-operative Group, J Sainsbury and other operators, Sky News reported.
MyLocal is owned by Greybull Capital, the new owner of Tata Steel’s long products division, which acquired 140 convenience stores from Morrisons last year.
Secret Millionaire star Mike Greene is at the helm of the business, who previously said he expected the rebranded business to be profitable in its first year, Sky News said.
It is understood that supplier problems impacted initial trading at MyLocal, and around 12 of the 140 shops were closed for a period after the chain’s relaunch, with some remaining shut.
