UK: Morrisons to sell their M supermarket network

British supermarket chain Morrisons is finalizing the sale of its M Local convenience stores to Greybull, an investment firm which rescued Monarch Airlines last year.

Morrisons would sell around 150 M Local stores which generate sales of around £300 million ($470 million), reports The Telegraph.

The British food and fuel retailer entered the convenience store business not too long ago but has failed to establish itself. Last March, they decided to close 23 M Local stores, shredding 300 jobs.

According to industry experts, poor choices of location and expensive rental costs have undermined the company´s market position. Through this deal, investing firm Greybull will be able to grant the supermarkets some much needed investment.

Morrisons has valued its supermarket business at an estimated £1.3 billion ($2 billion). 

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