Reports last weekend suggested that Morrisons is set to offload 150 M Local convenience stores to investment firm Greybull Capital as the grocer seeks to focus on its traditional supermarket estate.

Morrisons supermarket

Source: Mtaylor848 / Wikimedia Commons

Morrisons was a late entrant into Britain’s fast-growing convenience sector, opening its first stores in 2011, but they failed to perform as well as anticipated.

Earlier this year, Morrisons announced it was to close 23 M Local convenience stores having posted a £792m pre-tax loss, following a £1.3bn write-down on the value of its property.

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