McColl's to sell 100 newsagents as part of plans to develop convenience business
Following a review of its portfolio of 1346 stores, McColl's is to sell 100 newsagents as part of its ongoing strategy to develop its convenience business.
In a statement, McColl's said the stores are likely to be sold for no less than their asset value and that their closure is expected to be earnings neutral in 2016. The group will continue to run profitable newsagents and convert these to a convenience format where appropriate.
James Lancaster, McColl’s chief executive, added: "We have continued to make good progress on enhancing our offering and capturing growth in the convenience market. As we continue to grow our convenience store estate we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives. The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores."
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