Marks and Spencer has bought 28 leasehold shops that are mostly in affluent areas from Iceland for £38m.
It will use the stores, which include one at St Neots, Tewksbury, Cirencester and Biggin Hill, to expand its Simply Food convenience format. The group is believed to be working on plans to site Simply Food on 300 BP petrol stations.
It already has 170 Simply Foods, including the acquisition from Iceland.
Iceland said the stores sold would be replaced as part of a plan to add 60 more in total to its current 675. It said M&S made an offer it could not refuse. Iceland has closed 46 stores or shop in shops since Malcolm Walker returned to the helm nearly a year ago.
References: Financial Times 18/01/06 page 1, page 22, The Daily Telegraph 18/01/06 page B3, The Independent 18/01/06 page 53
