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Morrison sells Safeway branches

13 April 2012

SUPERMARKETS group Wm Morrison has sold a further batch of former Safeway stores. Asda has bought four with a book value of £38.7m for an undisclosed sum in Northampton, Shrewsbury, Coventry and Burton-on-Trent.

Morrisons has to sell 52 Safeway stores after taking over the chain and will need Office of Fair Trading clearance for today's deal.

The OFT stipulated that Morrison sell stores to rival chains to meet competition law criteria.

Three of the stores being sold were on the OFT divestment list agreed with Morrison while a fourth was not. Staff at the four units being sold will transfer to Asda.

News of the sale follows a weekend report that Morrisons is in talks with Tesco to offload 10 stores in a deal worth up to £100m. The is expected to be closed in the coming weeks.

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