Musgrave has already found buyers for two thirds of the 155-store Budgens portfolio it is looking to divest.
The company, which has a four-year plan to get out of retailing and act as a wholesaler for the fascia, has told The Grocer that as many as 30 more stores will be in independent hands by the end of this year.
That is expected to be followed by the divestment of up to 40 more stores next year and the same number in 2007 before the remainder are cleared from the company’s balance sheet in time to meet its self-imposed 2008 deadline.
Mike Taylor, MD of Musgrave Budgens Londis, which also serves as wholesaler to some 2,200 independently owned Londis c-stores nationwide, said: “About two-thirds of all the Budgens stores we still own now have names pencilled against them.
“But this is not a race against time. It is about finding the right retailers as these stores, which are already giving us revenue today, will continue to give us revenue tomorrow but under an independent retailer instead.”
Around 70 smaller Budgens stores, averaging 1,800 sq ft, are already in independent hands. But the remaining 155, which include more than 100 stores averaging more than 5,400 sq ft, have been more difficult to find owners for due to the larger size of some of the stores.
Even once a deal is done, the company has planned a 14-week programme to help a new owner become accustomed with the key offers and systems.
Sainsbury has acquired nine Safeways from Morrisons. The stores have a gross asset value of £16.8m and would give Sainsbury more than 175,000 sq ft of new space. They are in Hammersmith, Morden, Slough, Andover, Eastleigh, Bitterne, Midsomer Norton, Acocks Green and East Kilbride.
The Post Office does not expect to be affected by National Savings & Investments’ decision to team up with an unnamed supermarket to sell premium bonds. NS&I said discussions were ongoing.
Asda has backed down on two applications at Hatfield and Eastbourne for 24-hour alcohol licences following residents’ protests, leading it to re-submit applications for extended hours. Forty Asda stores have so far received 24-hour licences.
Retail property owners have little to fear from the growing gloom in the housing market, said property agent Christie & Co. Retail negotiator Matthew Grace said that although there had been a mild slowdown in commercial property prices, businesses were unaffected by the extremes faced by residential properties.
Sainsbury is scaling up its underage drinking policy from the end of this month with a new initiative to challenge anyone who looks under 21.
It has signed up to Trading Standards Think 21 campaign.
Tesco, Asda and Sainsbury are set to be unaffected by new EU controls on imports of Chinese clothing that has restricted supply. The supermarkets have redirected orders to countries such as Turkey, Sri Lanka and India.
js buys safeways
bond calm
booze retreat
no worries
age aware
redirected
The company, which has a four-year plan to get out of retailing and act as a wholesaler for the fascia, has told The Grocer that as many as 30 more stores will be in independent hands by the end of this year.
That is expected to be followed by the divestment of up to 40 more stores next year and the same number in 2007 before the remainder are cleared from the company’s balance sheet in time to meet its self-imposed 2008 deadline.
Mike Taylor, MD of Musgrave Budgens Londis, which also serves as wholesaler to some 2,200 independently owned Londis c-stores nationwide, said: “About two-thirds of all the Budgens stores we still own now have names pencilled against them.
“But this is not a race against time. It is about finding the right retailers as these stores, which are already giving us revenue today, will continue to give us revenue tomorrow but under an independent retailer instead.”
Around 70 smaller Budgens stores, averaging 1,800 sq ft, are already in independent hands. But the remaining 155, which include more than 100 stores averaging more than 5,400 sq ft, have been more difficult to find owners for due to the larger size of some of the stores.
Even once a deal is done, the company has planned a 14-week programme to help a new owner become accustomed with the key offers and systems.
Sainsbury has acquired nine Safeways from Morrisons. The stores have a gross asset value of £16.8m and would give Sainsbury more than 175,000 sq ft of new space. They are in Hammersmith, Morden, Slough, Andover, Eastleigh, Bitterne, Midsomer Norton, Acocks Green and East Kilbride.
The Post Office does not expect to be affected by National Savings & Investments’ decision to team up with an unnamed supermarket to sell premium bonds. NS&I said discussions were ongoing.
Asda has backed down on two applications at Hatfield and Eastbourne for 24-hour alcohol licences following residents’ protests, leading it to re-submit applications for extended hours. Forty Asda stores have so far received 24-hour licences.
Retail property owners have little to fear from the growing gloom in the housing market, said property agent Christie & Co. Retail negotiator Matthew Grace said that although there had been a mild slowdown in commercial property prices, businesses were unaffected by the extremes faced by residential properties.
Sainsbury is scaling up its underage drinking policy from the end of this month with a new initiative to challenge anyone who looks under 21.
It has signed up to Trading Standards Think 21 campaign.
Tesco, Asda and Sainsbury are set to be unaffected by new EU controls on imports of Chinese clothing that has restricted supply. The supermarkets have redirected orders to countries such as Turkey, Sri Lanka and India.
js buys safeways
bond calm
booze retreat
no worries
age aware
redirected
No comments yet