Co-op Store in Pant sold to McColl’s
The Co-op Group has announced the sale of 298 of its smaller food stores including the store in Pant, to McColl’s Retail Group.
The sale of the stores, which are 1,700 sq ft on average, to McColl’s Retail Group plc (McColl’s) for £117m, is subject to approval from the CMA (Competition and Markets Authority) and McColl’s shareholders. All stores will continue to trade immediately after handover (expected from November 2016) and all staff will TUPE transfer to McColl’s.
Said Steve Murrells, of Co-op Food, the stores being sold did not allow us to provide a sufficiently compelling own-brand offer for our members going forwards and all 3,808 colleagues will transfer to McColl’s on the same terms and conditions.
Jonathan Miller, Chief Executive of McColl’s Retail Group, commented:
“I am delighted to announce the acquisition of 298 quality convenience stores in a transformational deal for McColl’s. This opportunity substantially accelerates our growth strategy and expands our neighbourhood presence for the benefit of our customers.
“These stores are profitable, well invested, and the perfect size for our operating model. We expect the transaction to be significantly earnings enhancing for our shareholders.
“I look forward to welcoming all of our new colleagues to the business.”