McColl’s to convert 300 stores to Morrisons Daily
Newsagent McColl’s has extended its partnership with supermarket chain WM Morrisons to convert a total of 300 of its convenience stores into Morrisons Daily shops.
McColl’s already has 31 Morrisons Daily stores in its estate and said that they had been among its strongest performing during the Covid crisis. The 269 stores will be converted to the format over the next three years.
The retailer has secured a new debt facility with its banks to enable the conversion. The updated facility has a maturity date of February 2024 and comprises a £100m revolving credit facility and £67.5m loan.
Newsagent McColl’s has extended its partnership with supermarket chain WM Morrisons to convert a total of 300 of its convenience stores into Morrisons Daily shops.
McColl’s already has 31 Morrisons Daily stores in its estate and said that they had been among its strongest performing during the Covid crisis. The 269 stores will be converted to the format over the next three years.
The retailer has secured a new debt facility with its banks to enable the conversion. The updated facility has a maturity date of February 2024 and comprises a £100m revolving credit facility and £67.5m loan.
McColls, which will publish its full-year results on 23 March, said that it continued to see strong demand for its local convenience offering, with like-for-like sales growth of 7.9% in the 12 weeks to 21 February 2021.
Looking ahead, it said that the significant uncertainty over the macroeconomic and consumer environmentmmade it difficult to accurately forecast sales patterns and margin mix changes.
“Regardless,” said the group, “McColl’s will adapt its business to changing customer demand, whilst focusing on its strategy to become a grocery-led convenience retailer.”
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