The Co-operative Group has purchase three former Netto stores from UK retailer Asda for an undisclosed sum.
The three stores in Whalley Range, Manchester, Birtley, County Durham, and Stanton Hill, Nottinghamshire, are being disposed of by Asda as a result of an Office of Fair Trading review of its acquisition of Netto. The OFT has approved the deal.
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The two firms have exchanged contracts on the stores and the sale is expected to complete later this year, the Co-op said yesterday (23 June).
The purchase, Co-op said, represents its latest move to expand its 2,800-strong food store network by over 300 outlets in the next three years. The group hopes to open 50 stores by the end of 2011.
The newly-acquired stores have sales areas of around 5,000 sq ft and between them employ 42 staff, all of whom will transfer to The Co-operative Group.
“These stores are a valuable addition to our portfolio and another important step in our expansion plans,” said Co-Ops director of property, David Roberts.
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