McColl’s looks to throw away newspapers in food store focus
McColl’s has put 100 newsagents on the block as it focuses on opening more lucrative convenience stores instead
The FTSE 250 retailer, which listed last year, has been steadily converting its newsagents into food and wine outlets at it looks to advantage of the fast-growing convenience sector and lure in higher-spending shoppers.
The company said it carried out a review of its 1,346-strong store portfolio and identified 100 stores that did not fit with its long-term plans.
It will look to sell them for no less than their asset value, and their closure is expected to be earnings neutral in 2016. Agents at Christie + Co are have been appointed to handle the sale.
McColl’s chief executive and founder, James Lancaster, said: “The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores.”