Supermarket chain has sold its M stores to Mike Greene’s Greybull Capital, but as a grown-up FTSE 100 company it should explain how the deal is funded

Morrisons was late to the convenience store game, then paid too much for shops in poor locations after Tesco and Sainsbury’s had spent a decade grabbing the prime pitches. That, roughly speaking, is how Morrisons’ 140 local M stores recorded an operating loss of £36m last year.

In the circumstances, you can understand why the new-broom chief executive, David Potts, has ordered an exit. Even so, the price looks poor – just £25m. Morrisons hasn’t even been able to wave a clean goodbye to the leases, which will revert should the business fail under its new owners.

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Source: The Guardian Circular Economy RSS