Morrisons sale: M local stores reopen as My Local
More than 100 convenience shops previously owned by Morrisons have reopened as My Local stores.
The supermarket chain sold 140 M local shops to a team led by entrepreneur Mike Greene for £25m. The stores made an operating loss of £36m last year. Morrisons opened its first convenience store in 2011, but the majority have been open for less than two years. The 2,300 staff at the stores have been kept on, with an extra 200 jobs created by reopening 10 closed sites. Mr Greene, a former chairman of the Association of Convenience Stores, founded the Association of News Retailing. He has also appeared on Channel Four's The Secret Millionaire. The new owners are planning on setting up a new redistribution model, including a deal with convenience store chain Nisa. Mr Greene said: "As we looked around the country, we realised we didn't have any local beers or local award-winning butcher's products and so on. "We're going to make the product range far more appropriate to the catchments that we trade in." The 10 shops reopening under My Local are: