Overcast

Overcast

max temp: 10°C

min temp: 7°C

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.

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”.

Search hundreds of local jobs at Jobs24

0 comments

Britain’s property market will be in sharp focus next week as two of the biggest housebuilders post annual figures after a solid year for the sector, despite a Brexit vote blip.

Ipswich’s first drive-through Starbucks has opened with a special ribbon-cutting ceremony by mayor Roger Fern.

The new owner of a Suffolk pub previously in the hands of celebrity chef Marco Pierre White wants to put the community back at the heart of the business.

Retail entrepreneur James Timpson, whose family business has a record of working successfully with offenders, is to share his knowledge of prison reform at an event being held to raise money for the Ipswich-based charity Ormiston Families.

Organisers have announced the latest date for a business charity running event that has raised over a half a million pounds for good causes over the years.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24