Two Co-op food stores in Northamptonshire are to be sold by the supermarket chain
Co-op food stores in Daventry and Wellingborough will be sold by the company later this year.
The stores, in Edinburgh Square in Daventry, and Kingsway in Wellingborough, will be sold to McColl’s Retail Group plc (McColl’s), and are part of 298 smaller food stores that Co-op will be selling to McColl’s nationwide.
The sale of the stores is subject to approval from the Competition and Markets Authority and McColl’s shareholders.
All stores will continue to trade immediately after handover – which is expected to take place from November 2016 – and all staff will transfer to McColl’s.
Steve Murrells, CEO of Co-op Food, said: “The Co-op Food business continues to move forward with a clear momentum and purpose to deliver a compelling and convenient shopping experience for our millions of customers and members.
“This announcement is completely in line with our strategy, as these stores did not allow us to provide a sufficiently compelling own-brand offer for our members going forwards.
“The proceeds will be re-invested to drive sustainable growth for our members and I’m delighted that all 3,808 colleagues will transfer to McColl’s on the same terms and conditions.”