UK supermarket group Wm Morrison has said it has exchanged contracts with discount retailer Netto to sell the Safeway store at Norwood, Beverley in East Yorkshire.
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Morrisons was required by the Office of Fair Trading to divest a total of 52 stores following the deal to take over Safeway, including one of the two Safeway stores in Beverley.
“Today’s announcement is a further step in our work to integrate the two businesses. The contract is subject to the approval of the Office of Fair Trading, and formal discussions have commenced,” said Bob Stott, joint managing director for Morrisons.
Morrisons said the consideration for the store is in line with its expectations, and the retailer plans to provide further details regarding the disposal of the store, including the aggregate consideration obtained, once the process has completed.
Morrisons’ disposal of the 52 stores, as required by the OFT, has stepped up in recent weeks, with the sale of three stores to Asda and ten stores to Tesco.
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