Wednesday, July 26, 2017

Co-op snaps up six My Local stores

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Co-op has acquired six My Local convenience stores around the UK one week after the convenience store chain went into administration.

Only 32 My Local stores remain open, with 93 now closed down as news emerged the retailer was on the brink of collapse.

The My Local stores located in Croydon, Nottingham, Widnes, Blackpool, Stockport and Steeton were acquired by Co-op to help achieve its target of 100 new stores.

“In the last two years we have opened close to 200 new stores, and in 2016 the Co-­op is actively pursuing 100 new stores as well as carrying out refits in a further 150,” chief executive Steve Murrells said.

“The acquisition of these My Local stores supports our focus on convenience store retailing and adds to a portfolio that offers the right range in the right location. 

“Our strategy is clearly working, as is evident from our recent results and continued positive like for like sales growth.”

Since Morrisons sold My Local to Greybull Capital in September last year, it has faced sharp competition and has been unable to return the business to profit.

Before it went into administration, the convenience store retailer employed 1658 people in 125 trading stores across the UK.

Employees in stores which are sold will transfer to the new owners, with Co-op being the first retailer to come on board with its six acquisitions. 

For stores where no buyer is found, Morrisons has said it would welcome its My Local employees back to a job at their company.

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