Supermarket chain Morrisons has agreed to sell 140 M local convenience stores for about £25m.
The retailer, which currently has an M Local convenience store on Carlton Hill, revealed today that the buyer was a team led by the retail entrepreneur Mike Greene, funded by Greybull Capital.
The shops are all set to be rebranded as “My Local”. The 2,300 staff will be kept on, with an extra 200 jobs set to be created by reopening 10 shops that are currently closed.
The move comes after the supermarket giant announced a review of its convenience store business in March.
Earlier this year, the retailer reported an annual loss of £792m.
It now plans to concentrate on its core supermarkets business.
Morrisons will keep five M local shops that are either on petrol forecourts or can be converted into small supermarkets.