Three Shropshire Co-op stores sold to rival as part of £117 million deal
The Co-op Group has sold three of its Shropshire stores to a rival company as part of a £117 million deal.
The Co-op Group has sold three of its Shropshire stores to a rival company as part of a £117 million deal.
The stores on Castle Street in Oswestry, Wrexham Road in Whitchurch and Pant are part of the sale of 298 of its smaller food stores as the company refocuses its store estate on a convenience, own-brand led shopping experience.
The sale of the stores to McColl’s Retail Group plc (McColl’s) is subject to approval from the CMA and McColl’s shareholders.
The sale proceeds will be re-invested to further deliver the Co-op’s strategy, which over the past 12 months has seen the Co-op become the most frequently visited food retailer in the UK. 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.
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 I’m delighted that all 3,808 colleagues will transfer to McColl’s on the same terms and conditions.”
