McColl's announces sale of 100 newsagents

RNS Number : 7479C

McColl's Retail Group plc

20 October 2015

 

20 October 2015

McColl's announces sale of 100 newsagents as part of ongoing strategy to develop convenience business

Following a review of its portfolio of 1346 stores, McColl's Retail Group plc has decided to sell a number of its newsagents. McColl's continues to focus on its strategy to develop and expand its convenience business and has identified these stores as not being part of its long term planning.

There are approximately 100 stores involved, that are expected to be sold for no less than their asset value, and their closure is expected to be earnings neutral in 2016. The group will continue to run profitable newsagents and convert these to convenience format where appropriate.

James Lancaster, Chief executive commented:

"We have continued to make good progress on enhancing our offering and capturing growth in the convenience market. As we continue to grow our convenience store estate we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives. The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores"

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Please visit www.mccolls.co.uk or for further information, please contact:

McColl's Retail Group plc                                                                            + 44 (0)1277 372 916

James Lancaster, Chief executive

Jonathan Miller, Chief financial officer

Dave Thomas, Chief operating officer

Media Enquiries                                                                                              [phone]

Brunswick

Anita Scott                                                                                         

Cerith Evans

 

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