Broadwater Co-op sold to convenience retailer
A Co-op store in Broadwater has been sold to convenience retailer McColls as part of a countrywide sale.
The store in Broadwater Road, Worthing, is one of 298 smaller stores being sold for £117 million, and all colleagues will automatically transfer to McColls.
According to a news release, the Co-op Group is selling the stores as part of a strategy of ‘refocusing its store estate on a convenience, own-brand led shopping experience’, and is expected to take place in November this year.
Steve Murrells, CEO of Co-op Food said: “The Co-op Food business continues to move forward with a clear momentum and purpose to deliver a compelling and convenient shopping experience for our millions of customers and members.
“Today’s announcement is completely in line with our strategy, as these stores did not allow us to provide a sufficiently compelling own-brand offer for our members going forward. The proceeds will be re-invested to drive sustainable growth for our members and I’m delighted that all 3,808 colleagues will transfer to McColls on the same terms and conditions.”
Jonathan Miller, chief executive of McColls added: “This opportunity substantially accelerates our growth strategy and expands our neighbourhood presence for the benefit of our customers.
“These stores are profitable, well-invested, and the perfect size for our operating model. We expect the transaction to be significantly earnings enhancing for our shareholders. I look forward to welcoming all of our new colleagues to the business.”
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