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McColl’s sells 8% of its business for convenience

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McColl’s Retail Group is poised to sell 100 of its less lucrative newsagents as part of its ongoing strategy to enhance its convenience business. 

The British convenience and newsagent operator announced that while closures are taking place, it will “continue to run profitable newsagents and convert these to convenience format where appropriate”.

McColl’s added that the stores are likely to be sold for their no less than their asset value. As of yet, it is not clear whether or not any jobs will be at risk.

“We have continued to make good progress on enhancing our offering and capturing growth in the convenience market,” said a spokesperson.

“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.”

Published on Tuesday 20 October by Talya Misiri

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