18 July 2016 - Janet Bird
McColl's is planning to buy 298 Co-Op stores in a £117 million deal, it has emerged.
Regulators and McColl's shareholders have still to approve the proposed acquisition, which would see 3,808 Co-Op staff transferred to McColl's.
McColl's believe the purchase of the stores will significantly contribute to its growth strategy and expect it to be "significantly earnings enhancing" for its stakeholders.
McColl's currently owns 933 convenience stores across the UK and 433 Martin's newsagents.
The Co-Op Group, meanwhile, intends to reinvest the profits from the sale to drive future growth and further develop its range of own-brand products.