// Morrisons to sell-off some of its supermarkets in an effort to raise cash
// Property agents from BNP Paribas are seeking buyers for the stores
Morrisons plans to sell-off some of its supermarkets in an effort to raise cash.
The grocer‘s owner CD&R is seeking to sell and lease back five Morrisons supermarkets for £150 million in what will be the first such deal to be sanctioned in its 123-year history.
Property agents from BNP Paribas are seeking buyers for the stores, which will come with 20-year leases and rent uplifts linked to inflation, The Sunday Times reported.
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CD&R won the £7 billion auction for Morrisons a year ago and had the takeover approved by the CMA in June this year.
The US private equity firm beat fellow bidder Fortress to the deal, and said it did not intend to launch “any material store sales or leasebacks”.
CD&R is already planning to sell and leaseback warehouses and food manufacturing sites.
Morrisons owns 86% of its 497 supermarkets – a higher proportion than any of its major grocery rivals.
This is just the start of it, this is where they start clever assist management so they can move any profit off shore and start loading morrisons up with debt. Next they start some clever book keeping with the pension fund till they’ve bleed it dry. When will this government learn these companies don’t care about UK staff or paying tax in this country it’s about profits before people.
It will be stripped of assets and then sold, nothing new from these vultures.
Isn’t this the “strategy” Philip Green pursued at Arcadia and BHs? Goodbye Morrisons
Now
it
begins…
This marks the beginning of the end of Morrisons. We all know how “sale and leaseback” agreements fares for the businesses. Just ask Woolworths, BHS, Debenhams, southern cross et al
U never can say
The merchandise quality and availability deteriorated over the last six months, to the point we no longer shop with them,
Next, they will close the large units and concentrate on MORRISONS DAILY UNITS.
Morrisons has gone down hill drastically since takeover
Bye Bye Morrisons said this would happen all they are interested in in is the money.
We have every supermarket within walking distance and our Morrison’s has no stock on its shelves so this is no surprise
They’re losing money I am not surprised!! My local one started off great, it did the hydroponics mist spray thing over its fresh veg and it was lovely, then they conveniently had a fire in the store and tore it down and rebuilt it and put all this new fangled stuff in like watching them make your fresh pizza to order there and then (dominoes does that) or a hot deli that was good and varied now crap as they barely do it any more, a fresh fishmonger section (that no one uses) a cafe that’s hardly used, if they just stop changing things I don’t think they’d be in this hardship, sod the free meals I think you may have to be shopping there to get the free meal…nothing is free nowadays!!
Has to be remembered buying McColls cost £190 million…
This was always going to be the case. As I regularly comment here. Morrisons are a truly terrible company. I am looking forward to Aldi picking up what good sites will remain after the mass customer exodus.
We stopped shopping at Morrisons after 20 plus years of good service and produce from them. The first supermarket to remove sell by dates. The produce was rotting before it was removed. Well we have been with Tesco’s for the last six month brilliant love the store AND when you need assistance I can GUARANTEE you there will be one available, who will drop everything to help you no matter how long it takes. I would recommend to ex Morrissons shoppers try TESCO’S. Lets hope Tesco don’t sell to a USA MONEY making investment company who don’t give a fig about the every day business they just bought. Who sanctioned Morrisons sale and how much commission did they receive.
they have already started cutting the staffs hours at all the morrisons daily stores
lets hope they survive then , morrisons were a good store ,as good as any , and better than nealy all i have been inside , and very busy ,cafes were very good if not the best in these circumstances , Tescos cafes are the worst , as are the tiolets wiuch are usualy a joke , as is the store , Aldi is a joke as well , Morrisons stores are also the best coiiectively located nationaly bar none , Asda are trying to get rid of thier staff alltogether main stores, and have been for some time , Mrs Thatcher cut my hours altogether in the 80s via the Tory Party , thier tiolets and cafes are subsidised by public monies exspense accounts as is thier alcoholic department , thier practical jokes department is also exspense account funded with a Farther Christmas permenantly in residences , tax free
tell me sbout it