Sunshine and Showers

Sunshine and Showers

max temp: 18°C

min temp: 15°C

ESTD 1874 Search

UK: Morrisons buys up 49 Blockbuster stores as it expands its M local outlets

10:30 19 February 2013

A Blockbuster video store

A Blockbuster video store

SUPERMARKET giant Morrisons is purchasing 49 Blockbuster stores from the company’s administrators as it steps up expansion of its Morrisons M local convenience outlets.

shares

The deal follows Morrisons’ acquisition of seven Jessops stores earlier in the year.

The supermarket chain, which has bought the stores to give it quick access to high street sites across the country, particularly in South East England, said it would not yet disclose where the stores are located. However, it hopes to have them trading by the end of the summer.

The retailer has stated its intention to open at least 70 Morrisons M local stores by the end of 2013, starting with London and the South East.

Blockbuster administrators Deloitte described it as “a good deal” for both the creditors of Blockbuster and for Morrisons.

“We are pleased that these stores have found an alternative user that can create new employment,” said Deloitte partner Lee Manning.

Gordon Mowat, Managing Director of Morrisons Convenience said: “We are rolling out the Morrisons M local estate at pace this year and these acquisitions give us a kick start in securing a solid foothold in this key sector. The convenience market is growing as more people shop locally and we want to be in a position to take advantage of this.

“Morrisons M locals offer a differentiated fresh shopping experience with half the space dedicated to fresh food and scratch cooking all at great prices.”

Mr Manning added: “This group of stores forms a proportion of the Blockbuster package announced for closure earlier this week and is expected to be the first of a number of group and individual store transactions to arise from the Blockbuster portfolio given the significant levels of occupier interest for many of the assets”.

shares

0 comments

Ashley Gogan, Bedford Lodge

A four-star hotel in Newmarket has appointed a new face to head up its conference and events service.

Sheepen Place office development scheme at night - artist's impression

Proposals have been submitted for two new office buildings planned for central Colchester.

Greene King chief executive Rooney Anand, left, shaking hands with Mike Tye, chief executive of the Spirit Pub Company, outside Spirit's headquarters in Burton uponTrent following the sale deal.

Jobs are at risk at Greene King following a major acquisition earlier this year.

EDF workers are unhappy over pay.

Hundreds of workers at energy giant EDF are to stage a 24-hour strike in a row over pay.

Amos Smith who is launching a new yoghurt called Mossy's from a secret family recipe.

A popular yogurt made to a secret family recipe has been revived by a young food entrepreneur.

Land next to Burger King is for sale

Tesco, Mothercare and Toys R Us could soon have a new neighbour at Copdock Mill

A city worker looks at a stock ticker screen at the London Stock Exchange in the City of London.

Volatile stock market conditions took their toll again today as the FTSE 100 Index plunged after sharp gains in the previous session.

The Director General of the British Chambers of Commerce, John Longworth, has met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region.

The Director General of the British Chambers of Commerce, John Longworth, met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region last week.

Sainsbury's supermarket was only one of Britain's big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda.

Sainsbury’s was the only one of Britain’s big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda, according to latest industry data.

Family law expert Georgina Hall, now a partner at Prettys

East Anglia law firm Prettys, which has offices in Ipswich and Chelmsford, has announced the promotion of family law expert Georgina Hall to partner, bringing the total number of partners in the firm to 10.

Most read

Topic pages