Peterborough’s ”secret millionaire” Mike Greene has successfully led a bid to buy 140 of retail giant Morrions M Local stores.
Retail entrepreneur Mike Greene, of Crowland, was backed by the family investment office Greybull Capital LLP in the deal.
We are inheriting a set of good stores with highly trained teams of colleagues.Mike Greene
The cost of the acquisition has not been revealed.
However, Mr Greene, who featured in Channel 4’s Secret Millionaire programme four years ago, says the deal will safeguard the jobs of 2,300 existing staff nationally.
In addition, a further 200 jobs will be created as 10 closed M Local stores are re-opened.
The new management team says it plans to develop the chain as an independent and profitable business, rebranded under the name ‘My Local’ with a new commitment to the communities and customers it serves.
Mr Greene said: “We are delighted to have reached agreement with Morrisons to acquire its convenience stores.
“The convenience sector continues to grow ahead of larger supermarkets as people’s hectic lifestyles increasingly lead them to favour more frequent, smaller and top-up shops.
“We are inheriting a set of good stores with highly trained teams of colleagues.
“With a new strategy tailored to the convenience sector, My Local is confident of a profitable and sustainable future.”
The agreement is to acquire 140 M Local convenience stores across the UK.
The network employs around 2,300 people and Mr Greene said there would not be any store staff redundancies as a result of the proposed acquisition.
He added: “We are committed to the people who already work in the stores and we want to grow the business with them.
“We believe that their potential, combined with the expertise of our leadership team, will give us a distinct advantage in the sector.”
Mr Greene has held leading roles with groups McColl’s and Spar and twice been chairman of the Association of Convenience Stores.
Subject to the successful completion of the acquisition, the senior management team will become shareholders in the new business.
They will have a significant holding alongside majority shareholder Greybull Capital LLP.
Greybull partner Nathaniel Meyohas said: “We are delighted to acquire Morrisons’ convenience store estate and we have every confidence that it will thrive under the leadership of Mike Greene and his highly experienced team.
“We are grateful for Morrisons’ support in completing this transaction to the benefit of all parties.”