The Co-op Group has agreed to sell 298 of its food stores, including one in Sidley.
As part of its strategy of refocusing its store estate on a convenience, own-brand led shopping experience, the Co-op Group will sell a number of its smaller branches to McColl’s for £117m, subject to approval from the CMA and McColl’s shareholders.
The stores, with an average size of 1,700 sq ft, will continue to trade immediately after handover, which is expected from November 2016, and all members of staff will transfer to McColl’s.
The Co-op store on Ninfield Road is included in the list of 298 stores to be sold off.
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.
“This 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 forwards.
“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 McColl’s on the same terms and conditions.”
Don’t miss out on all the latest breaking news where you live.
Here are four ways you can be sure you’ll be amongst the first to know what’s going on.
1) Make our website your homepage at www.bexhillobserver.net/
2) Like our Facebook page at www.facebook.com/bexhillobserver
3) Follow us on Twitter @BexhillObs
4) Register with us by clicking on ‘sign in’ (top right corner). You can then receive our daily newsletter AND add your point of view to stories that you read here.
And do share with your family and friends - so they don’t miss out!
The Bexhill Observer - always the first with your local news.
Be part of it.