Co-op sells Great Dover Street store to McColl's

The Great Dover Street branch was one of four former Costcutter stores in SE1 acquired by the Co-op from Sunstar Group in 2012.

Now the shop – which incorporates a post office – is one of 298 outlets the Co-op is selling to McColl's in a £117 million deal.

The Great Dover Street store is one of just two London shops to be sold by the Co-op.

If the deal is approved by the Competition & Markets Authority and McColl's shareholders, the stores will change hands in November.

Steve Murrells, CEO of Co-op Food, said: "The Co-op Food business continues to move forward with a clear momentum and purpose to deliver a compelling and convenient shopping experience for our millions of customers and members.

"Today's announcement is completely in line with our strategy, as these stores did not allow us to provide a sufficiently compelling own-brand offer for our members going forwards.

"The proceeds will be re-invested to drive sustainable growth for our members and I'm delighted that all 3,808 colleagues will transfer to McColl's on the same terms and conditions."