Countrywide has agreed to sell its retail business to Mole Valley Farmers.
Mole Valley will acquire 48 of Countrywide’s 53 currently trading stores, support teams and IT systems. Stores at Amesbury, Glastonbury, Honiton, Towcester and Wenvoe are to close.
Completion is expected to be before the end of January, 2018. The price will depend on stock levels in the business at completion.
Countrywide is to retain all freehold properties, with Mole Valley entering into lease agreements as a tenant.
The sale is subject to review by the Competition and Markets Authority (CMA), Countrywide announced earlier today.
The sale of Countryside’s retail business will affect around 750 employees who the company expects to transfer to Mole Valley
Countrywide Farmers’ chief executive John Hardman said the deal “represents an excellent opportunity to secure the future of our retail business with an established sector leading company.”
He added: “I would like to thank all of our staff who work within the retail business and have remained committed through a significant period of change and uncertainty. We are very grateful for their contribution and wish them all the very best for the future.”
Countrywide says it will now focus on its Rural Energy - LPG business which supplies bulk LPG and bottled gas to commercial and rural domestic customers.
Article Source: ETN
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