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McColl's takeover: Morrisons agrees to divest stores following CMA probe

McColl's takeover: Morrisons agrees to divest stores following CMA probe
REUTERS/Toby Melville/File Photo
REUTERS

The Competition and Markets Authority (CMA) on Friday said it has received undertaking from the supermarket chain Morrisons to divest convenience stores to go ahead with the takeover of McColl’s Retail Group.

The watchdog has earlier this month flagged competition concerns in 35 local areas following its initial investigation into the deal.


The CMA added that there are “reasonable grounds” to accept the undertakings offered by Morrisons or a modified version of them.

Following its Phase 1 investigation, the CMA has found that the merger could raise competition concerns in 35 areas, where McColl’s or MFG convenience stores will face reduced competition if the deal is allowed to go ahead as planned.

Private equity firm Clayton, Dubilier & Rice (CD&R), which owns Morrison, is also parent company of the Motor Fuel Group (MFG), which owns over 800 convenience stores, the vast majority of which are attached to its petrol stations. McColl’s operates convenience newsagent shops, with over 1,100 stores across England, Scotland, and Wales.

The CMA previously investigated CD&R’s purchase of Morrisons and approved the deal subject to the divestment of 87 MFG petrol stations to address competition concerns.

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Called FedPlus, the scheme offers a range of discounts on a host of goods and activities, from everyday purchases to luxury products.

Through FedPlus, Fed members will have access to a range of fantastic money-saving benefits covering a wide variety of areas – from health and well-being to home and car essentials, and from food and drink to fashion and tech, entertainment, travel and experiences.

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Members can access the scheme through thefedonline.com website. It went live yesterday (October 31).

FedPlus is managed and run for the Fed by Parliament Hill Limited, which has been providing benefit management solutions for membership organisations for the past 20 years. Top name companies offering discounts include Virgin Experience Days, Nuffield Health, Hotpoint, Halfords, Boots, Curry’s and EE.

Tom Sparke, joint managing director and client services director at Parliament Hill, said: “We are looking forward to working with the Fed to assist them in the fantastic support that it provides for its members.

“The Fed has a strong commitment to supporting its members, which aligns with the Parliament Hill ethos of placing the needs of our clients’ members at the heart of what we do.”