Nisa boss Nick Read steps down after turning losses into profits

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Nisa entered into exclusive sales talks with Co-op at the end of August (Source: Nisa)

The chief executive of convenience store Nisa is to step down, the firm confirmed this morning.

Nick Read, who has overseen a transformation of the firm and led it into takeover talks with Co-op, is to exit. The board is to kick off a process to find his replacement.

Read joined Nisa in December 2014 after revealing surprise losses and "business instability".

In July 2016 Nisa reported earnings of £7.3m marking the largest annual bottom line swing in the company’s 40-year history. 

Today's company confirmation comes after trade publication Retail Express reported yesterday Read was heading for the door.

Read more: Co-op back in the picture as Sainsbury's holds off on Nisa takeover

“My time at Nisa has been both challenging and eventful, and I am proud of our collective success in turning the business round," said Read.

The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members. I am grateful for all the support I have received from colleagues and members.

At the end of August, Nisa entered into exclusive sales talks with Co-op.

The pair are thrashing out a £140m deal for Co-op to take over the firm's wholesale business that supplies Nisa 3,000 stores.

Nisa chairman Peter Hartley said: “We are grateful to Nick for his leadership during a challenging period for Nisa and the wider convenience sector. Nick and his team have brought much-needed stability to Nisa, and he will leave the business in a significantly improved financial position.”

Read more: Sainsbury's CEO won't rule out Nisa takeover even as Co-op gears up to bid