RETAIL: Co-op to sell three Derbyshire stores
The three stores affected are on Spring Gardens and the Market Place in Buxton and on Tamworth Road in Long Eaton.
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Hide AdThe 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.
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Hide Ad“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.