Kingsclere McColl’s to be sold off

The Kingsclere McColl’s will be sold off after the UK competition watchdog claimed the Morrisons takeover of the company will create competition concerns in the area.

In July, the Competition and Markets Authority (CMA) launched an investigation after the struggling newsagents chain was purchased by the supermarket giant for a reported £190m.

The investigation identified 35 areas in the UK that would have competition concerns following the purchase.

Morrisons offered to divest 28 McColl’s stores to remedy this, with the Swan Street store in Kingsclere named as one of the 28.

On Thursday, the CMA accepted this proposal following a public consultation.

The next step is for Morrisons to sell the 28 McColl’s stores to a buyer or buyers approved by the CMA.

In an official CMA document it states that the proposed purchaser of the 28 McColl’s sites should have “the financial resources, expertise (including the managerial, operational and technical capability), incentive and intention to maintain and operate the divestment sites as a viable and active business”.