Somerfield is to sell one-third of its 1,422 stores.
The 500 comprise 350 Kwik Saves and up to 140 larger Somerfields. The Kwik Save outlets are likely to go for less than their £215m book value. The larger Somerfield outlets, which are mostly out-of-town or edge-of-town, could go for £400-£500m. They are about 1,626 sq m (17,500 sq ft) each.
David Simons, chief executive, said he had already received expressions of interest for the units from five of the top six food retailers. The company wants to concentrate on neighbourhood retailing.
Financial Times 12/11/99 page 1, page 22 (Lex), page 24, page 50
The Independent 12/11/99 page 20
The Guardian 12/11/99 page 26, page 27
The Times 12/11/99 page 33, page 35 (Commentary), page 37
The Daily Telegraph 12/11/99 page 33
