Retail entrepreneur Mike Greene is leading the management team set to buy 140 stores from the supermarket, with backing from turnaround specialist Greybull Capital.
The team plans to rebrand the M Local chain as My Local, while safeguarding the jobs of 2,300 existing store staff. Up to 200 more jobs will be created under plans to re-open 10 closed stores.
Greene, the former chairman of the Association of Convenience Stores, said the team was “delighted” to have reached an agreement with Morrisons.
Growth of convenience sector
“The convenience sector continues to grow ahead of larger supermarkets as people’s hectic lifestyles increasingly lead them to favour more frequent, smaller and top-up shops,” Greene said.
“We are inheriting a set of good stores with highly trained teams of colleagues. With a new strategy tailored to the convenience sector, ‘My Local’ is confident of a profitable and sustainable future.”
Morrisons today (September 9) confirmed the long-awaited sale for £25M in cash. Read how Morrisons ceo David Potts announced the sale here.
Greene has extensive experience in the convenience sector, founded the Association of Retail Newsagents and appeared on reality TV show The Secret Millionaire.
Commitment to existing store staff
“We are committed to the people who already work in the stores and we want to grow the business with them,” Greene said.
“We believe that their potential, combined with the expertise of our leadership team, will give us a distinct advantage in the sector.”
Greybull Capital, which rescued Monarch Airlines last year, will be the majority shareholder and the management team will also hold shares.
Greybull partner Nathaniel Meyohas said: “We are delighted to acquire Morrisons’ convenience store estate and we have every confidence that it will thrive under the leadership of Mike Greene and his highly experienced team.”
Who is Mike Greene
- Retail entrepreneur, former chairman of Association of Convenience Stores and founder of Association of Retail Newsagents
- Self-made millionaire by age of 38, despite growing up in poverty and leaving school at 16
- Featured on reality TV show The Secret Millionaire and returned undercover to home town of Peterborough