Marks & Spencer has announced today that it will extend its successful Simply Food format with the acquisition of 28 stores on a leasehold basis from Iceland Foods Ltd for a consideration of £38m.
The transaction is expected to complete in March, following which the stores will be refitted and will reopen as Simply Food stores between June and August this year.
The stores, which average around 5,000 sq.ft., are all in target locations for the Simply Food brand throughout the UK. The management and sales staff currently working in these stores will be transferred to Marks & Spencer through TUPE.
The new Simply Food stores will offer up to 2,000 Marks & Spencer food lines including ready meals, fresh produce, sandwiches, wine, flowers and basic groceries plus a selection of cards and hosiery.
Following the acquisition, Marks & Spencer will have 171 Simply Food stores throughout the UK.
Ian Dyson, Finance Director, said: "We are delighted to have acquired these sites which will enable us to accelerate the growth of our very popular and profitable Simply Food concept."
For further information, please contact:
Sue Sadler Corporate Press Office 020 8718 8642
Notes to Editors
The new Simply Food stores being acquired will be in the following areas: Belfast Upper Newtownards Road, Bicester, Biggin Hill, Braintree, Caversham, Christchurch, Cirencester, Coleraine, Devizes, Durham, Edinburgh, Hazel Grove, Hertford, Honiton, Market Harborough, Morpeth, Newtownards, Northallerton, Oadby, Ormskirk, Palmers Green, South Woodford, St Neots, Sudbury, Tewkesbury, Cleveleys, Torquay and Trowbridge.
There are currently 143 Simply Food stores in the UK, Republic of Ireland and the Channel Islands. These include 40 franchise stores in railway stations, Heathrow airport, motorway service areas and petrol station forecourts.
