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Morrisons sells its chain of convenience stores Morrisons sells its chain of convenience stores
(35 minutes later)
Supermarket chain Morrisons has agreed to sell 140 M local convenience stores for about £25m.Supermarket chain Morrisons has agreed to sell 140 M local convenience stores for about £25m.
It said the buyer was a team led by the retail entrepreneur Mike Greene, funded by Greybull Capital.It said the buyer was a team led by the retail entrepreneur Mike Greene, funded by Greybull Capital.
The shops will be rebranded as "My Local". The 2,300 staff will be kept on, with an extra 200 jobs to be created by reopening 10 shops that are currently closed.The shops will be rebranded as "My Local". The 2,300 staff will be kept on, with an extra 200 jobs to be created by reopening 10 shops that are currently closed.
Morrisons announced a review of its convenience store business in March.Morrisons announced a review of its convenience store business in March.
The announcement came as it reported an annual loss of £792m. Earlier this year, Morrisons reported an annual loss of £792m.
It now plans to concentrate on its core supermarkets business. It will keep five of its M local shops that are either on petrol forecourts or can be converted into small supermarkets.It now plans to concentrate on its core supermarkets business. It will keep five of its M local shops that are either on petrol forecourts or can be converted into small supermarkets.
Losses from saleLosses from sale
Morrisons opened its first convenience store in 2011, but the bulk of them have been open for less than two years.Morrisons opened its first convenience store in 2011, but the bulk of them have been open for less than two years.
They were supposed to boost the supermarket chain's presence in south-eastern England.They were supposed to boost the supermarket chain's presence in south-eastern England.
It expects to lose about £30m on the transaction and will also be remain liable for the leases on the shops if the new business fails.It expects to lose about £30m on the transaction and will also be remain liable for the leases on the shops if the new business fails.
Despite the failure of M local, Morrisons chief executive David Potts said in a statement: "We remain open to other opportunities in convenience in the future."Despite the failure of M local, Morrisons chief executive David Potts said in a statement: "We remain open to other opportunities in convenience in the future."
He said the reason M local failed was because it was "unable to scale". They made an operating loss of £36m last year.He said the reason M local failed was because it was "unable to scale". They made an operating loss of £36m last year.
Forty-nine of the convenience stores were bought from the administrators of the film rental business Blockbuster.Forty-nine of the convenience stores were bought from the administrators of the film rental business Blockbuster.
Mike Greene is a former chairman of the Association of Convenience Stores and founded the Association of News Retailing. He chairs or is on the board of various other companies and has considerable experience with convenience stores.Mike Greene is a former chairman of the Association of Convenience Stores and founded the Association of News Retailing. He chairs or is on the board of various other companies and has considerable experience with convenience stores.
Greybull Capital is the investment firm that last year put up £125m to rescue Monarch Airlines.Greybull Capital is the investment firm that last year put up £125m to rescue Monarch Airlines.
The 10 shops reopening under the My Local brand are:The 10 shops reopening under the My Local brand are: