RETAIL: Co-op to sell three Notts stores
The Co-op has agreed the sale of three of its smaller Nottinghamshire stores as part of a '˜refocusing strategy'.
The three stores affected are on Portland Road in Hucknall, Mansfield Road in Blidworth and on High Street in Blyth near Worksop.
The stores are among 298 that will be sold to McColl’s for £117m in a deal subject to approval from shareholders.
All stores will continue to trade immediately after handover - expected to be in November - and all staff will transfer to McColl’s.
Steve Murrells, CEO of Co-op Food, said: “The Co-op Food business continues to move forward with a clear momentum and purpose to deliver a compelling and convenient shopping experience for our millions of customers and members.
“Today’s announcement is completely in line with our strategy, as these stores did not allow us to provide a sufficiently compelling own-brand offer for our members going forwards.
“The proceeds will be re-invested to drive sustainable growth for our members, and all 3,808 colleagues will transfer to McColl’s on the same terms and conditions.”
In the last two years the Co-op has opened close to 200 new stores and in 2016 is actively pursuing 100 new store acquisitions.