Morrisons’ private equity owners will carve up the business and sell £500m worth of manufacturing and distribution sites.
Clayton, Dubilier & Rice is appointing advisers to oversee the disposal of the plants in a process set to begin ‘imminently’, according to Sky News. When CD&R bought the supermarket group in October for £7bn, the New York-based buyout house pledged not to engage in major sales and leasebacks of stores.
The pledges apply for a year, but do not cover manufacturing and distribution facilities. The £500million property sale will be one of the biggest shake-ups at the supermarket since CD&R took over. The deal was orchestrated by former Tesco boss Terry Leahy, who now works for the private equity group.
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