Morrisons looks to sell its food to rival supermarkets
Morrisons is in discussions to sell its food to rival supermarkets as it looks to reduce its debt pile.
According to The Telegraph, the retailer is hoping to sign new supply deals for its Myton food production business as part of a turnaround drive.
Subscribe to TRBOne of the country’s biggest food manufacturers, Myton is understood to have invited representatives from other supermarkets to visit its factory in recent weeks.
The company operates 17 sites across the UK which are used to supply Morrisons with sweet and savoury pies, and to source eggs, meat, fish and flowers. They also supply a number of independent retailers.
The Telegraph also said that Morrisons is looking to begin supplying large hospitality businesses through Myton and has held showcase events to promote its British made produce.
At the end of the financial year to 26 October, Morrisons’ net debt stood at £3.1 billion. To cut costs, the retailer said last week that it plans to close 100 unprofitable Morrisons Daily convenience stores over the coming months, putting hundreds of jobs at risk.
