McColl’s unveils plan to sell 100 newsagent stores

Retail group McColl’s today said it plans to sell about 100 newsagents as it focuses on its convenience store business.

McColl's Retail Group is to sell about 100 newsagents

The owner of Glasgow-based newsagent RS McColl, which has a total of 1,346 stores, said the affected branches are expected to be sold for no less than their asset value, and their closure is expected to be earnings neutral in 2016.

It will continue to run profitable newsagents and convert these to a convenience-store format where appropriate, the firm told investors.

Chief executive James Lancaster said: “We have continued to make good progress on enhancing our offering and capturing growth in the convenience market.

“As we continue to grow our convenience store estate we constantly review our wider store portfolio, and from this we have identified 100 newsagents which no longer align to our strategic objectives. The sale of these stores will generate funds which will allow us to invest further in profitable convenience stores.”