NEWS

Co-op sells five stores to Asda

Published on: 4th June 2014

The Co-operative Group is to sell five of its stores to Asda with 250 staff transferring to the UK’s second largest supermarket chain.

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The group said the deal was part of its plans to dispose of trading outlets which “do not align” with its convenience store strategy. The Co-op added it plans to grow its overall estate and acquire 100 locations by the end of the year.

The five sites being sold are in Marple, Alsager in Cheshire, Pyle near Bridgend, Strelley in Nottinghamshire and Tranent in East Lothian. A spokesman for The Co-operative Group said: “All the stores are being sold as going concerns, and all 250 staff will transfer to the new operator with their terms and conditions of employment maintained. They will continue to trade as Co-operative stores until they transfer to Asda. We are pleased to have a deal which ensures continued employment for our colleagues, while delivering additional capital for us to re-invest in our food business, which is showing real momentum.”

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