Expansion for Simply Food format
Marks & Spencer has bought 28 Iceland stores for£38 million as it drives forward the Simply Food store format.
The leasehold acquisition is expected to be completed in March and the stores will be trading as Simply Food from August.
Following the acquisition, Marks & Spencer will have 171 Simply Food stores throughout the UK. M&S finance director Ian Dyson 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.'
The stores, which average about 5,000 sq ft (465 sq m) in size are said to be in target areas for the Simply Food brand across the UK, including sites in Braintree, Durham, Edinburgh, Torquay and Trowbridge. The management and sales staff working in the Iceland stores will be transferred to M&S.
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