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Morrisons has agreed to a £220m sale and leaseback deal with asset management firm, Intermediate Capital Group, which also includes contracts for seven of its distribution warehouses for up to 25 years.
According to The Times, Morrisons will be converting McColl’s stores into its own convenience store format, Morrisons Daily.
The supermarket, which acquired McColl’s for £189m in May, is also considering the conversion of almost 1,000 McColl’s stores.
It is reported that Morrisons supposedly plans to use a proportion of the cash from this conversion to cut prices on selected prices.
David Potts, chief executive of Morrisons, said: “I am confident that McColl’s can, in the Morrisons family, once again become a growing, thriving and vibrant convenience business serving local communities across the UK.”
