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Last Updated: Friday, 14 May, 2004, 06:54 GMT 07:54 UK
Morrison hands 14 stores to rival
Safeway store front
Morrison is selling 13 Safeways and one of its own stores
Supermarket group Morrisons, which won the bitter �3bn fight to take over Safeways, said it has sold 14 stores to rival chain Sainsbury's.

Of the branches being sold, 13 are Safeways stores, and one, in Ripon, North Yorkshire, is a Morrisons.

It said it was disposing of the stores to comply with anti-monopoly conditions set by the Competition Commission.

Sainsbury said it would inherit 2,600 staff and expand its shop space by just over 3%.

Such expansion opportunities "have become increasingly rare, and we're delighted to secure these stores," said Sainsbury's Chief Executive Justin King.

No financial details of the deal were given; Morrisons said the amount was "in line" with its expectations.

It said the book value of the 14 stores - made up of 13 Safeways supermarkets and the first Morrisons outlet - was �110m.

Sainsbury's said the acquisition of the stores would have no impact on its profits in the current financial year.

Most of the stores changing hands are in the North of England and the Midlands.




SEE ALSO:
Morrisons kicks off stores revamp
23 Apr 04  |  West Yorkshire
Morrisons delivers profits rise
18 Mar 04  |  Business
Morrisons seals Safeway takeover
08 Mar 04  |  Business
Shareholders back bid for Safeway
11 Feb 04  |  Business
Safeway's seasonal sales slump
19 Jan 04  |  Business
Supermarket price war predicted
12 Jan 04  |  Business
Morrisons in �3bn bid for Safeway
15 Dec 03  |  Business
What now for Safeway suitors?
26 Sep 03  |  Business


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