Future unclear for only shop in Barking Riverside
- Credit: PA WIRE
The future of the only shop in Barking Riverside is unclear after Morrisons agreed to sell off 140 of its convenience stores this afternoon.
The M local, in Minter Road, only opened in January but could be one of those being bought for about £25million by a team headed up by retail entrepreneur Mike Greene, and funded by Greybull Capital.
The supermarket chain intend to hang on to five of its local stores which are either on forecourts or will be converted to small Morrisons supermarkets.
The shops changing hands will be re-branded as “my local”, with the 2,300 staff nationwide being kept on.
An extra 200 jobs will also be created by reopening 10 shops that are currently shut.
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Staff at the affected stores are being informed by the company with a further public announcement expected later this week.
The whole transaction is expected to cost the company about £30million, adding to the £792million annual loss reported earlier this year.
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David Potts, Morrisons CEO, said: “Convenience is a large and growing channel in UK food retailing.
“Morrisons learnt much from its entry into the market, but M local was unable to scale. “However, we remain open to other opportunities in convenience in the future.
“I would like to thank all the Morrisons colleagues for their hard work and dedication to M local.”
Do you use the Minter Road store? What are your views? Email email@example.com or 020 8477 3824.