My Local administrators sell 26 stores, saving 372 jobs

KPMG has revealed that it has agreed deals to offload the tranche of shops, three weeks after My Local tumbled into administration – and said it was “hopeful” that a further 16 stores would be sold “over the coming days and weeks”.

As previously reported, the Co-op had agreed to take six of the chain’s stores and has subsequently penned a deal to acquire two more sites.

However, the Competition and Markets Authority revealed earlier today that it was launching an investigation into the deal.

Fellow convenience specialist Spar has snapped up seven shuttered My Local stores in Rhyl, Staffordshire, Cardiff, Chatham, Lambeth and two in Essex.

It is currently unclear who has acquired the remaining 11 shops, but KPMG, which has been working alongside Smith and Williamson on the administration, said all 372 staff who work at the 26 stores will be “transferred to the respective owners” of the properties.

’Strong interest’

KPMG partner Mark Orton said: “From the outset of our appointment, there has been strong interest shown in certain My Local stores, reflecting the demand for high-quality retail space in prime town centre locations.

“Working closely with the team at Smith and Williamson, we are therefore delighted to have been able to safeguard the future of 26 stores and, moreover, the jobs of 372 staff.

“Over the coming days and weeks, we are hopeful of concluding a further 16 sales and will provide an update in due course.”

My Local, which was borne out of Morrisons’ collapsed c-store business last October, formally entered administration at the end of June after finding trading tough in the fiercely competitive convenience sector, dominated by Tesco, Sainsbury’s and the Co-op.

Founder and boss Mike Greene, whose venture was backed by Greybull Capital, said he was “truly sorry” for My Local’s demise, but admitted that price investment across the market had heaped “further further pressure on prices and margins”.

Morrisons has already offered to re-employ any of its former staff who are left unemployed by the retailer’s collapse.