Three Angus Co-Op stores are to be sold to McColl’s Retail Group plc, as part of a deal that will see 298 Co-Op Group food stores across the UK sold off.
The sale of the stores, which are 1,700 sq ft on average to McColl’s Retail Group plc (McColl’s) for £117m, is subject to approval from the CMA and McColl’s shareholders. All stores will continue to trade immediately after handover (expected from November 2016) and all colleagues will TUPE transfer to McColl’s.
The sale proceeds will be re-invested to further deliver the Co-op’s strategy.
The affected Angus shops are in Friockheim, and two in Abrboath - the store in the Abbeygate and the store on Millfield Road.
Steve Murrells, CEO of Co-op Food, said: “The Co-op Food business continues to move forward with a clear momentum and purpose to deliver a compelling and convenient shopping experience for our millions of customers and members.
“Today’s announcement is completely in line with our strategy, as these stores did not allow us to provide a sufficiently compelling own-brand offer for our members going forwards. The proceeds will be re-invested to drive sustainable growth for our members and I’m delighted that all 3,808 colleagues will transfer to McColl’s on the same terms and conditions.”