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Morrisons to sell 140 M Local stores

Morrisons said it will pull out of its loss-making convenience shops in order to concentrate on its supermarkets.

Credit: Press Association

It said it will sell 140 M local stores for around £25 million in cash to retail entrepreneur Mike Greene, who is backed by family investment group Greybull Capital.

Mr Greene said the chain will be rebranded My Local, and he plans to keep all of its 2,300 staff. He added the new management plans to create 200 further jobs by opening 10 more stores.

Morrisons said after carrying out a review of the shops that the convenience business would have "required significant further investment" in new sites, lease commitments and additional capital spending to make a profit.