McColl's to sell 100 newsagents

McColl's is to sell 100 of its newsagent stores.
McColl's is to sell 100 of its newsagent stores.
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McColl's Retail Group has announced plans to sell 100 of its stores as part of a business strategy focused on convenience.

The company is working to expand its convenience business - and has identified 100 stores as not being part of its long term aim.

It is expected that they will be sold for no less than their asset value.

Profitable newsagents will be run as normal, the business has confirmed, and these will be converted to convenience format where appropriate.

James Lancaster, chief executive, said: "We have continued to make good progress on enhancing our offering and capturing growth in the convenience market.

"As we continue to grow our convenience store estate we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives.

"The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores."

A spokesman for McColl's said they could not yet confirm where in the country the sales will take place.

In the region, there are branches of the newsagents in Billingham, Hartlepool, Houghton-le-Spring, Jarrow, Newcastle, Peterlee, Stockton-on-Tees, Sunderland and Washington.