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Cant believe dipping again this afternoon...... kind of dreading tomorrow sick of seeing my investment go down down and down
Thank you Rob. Hope so too. GLA.
Is there an interim update expected tomorrow (8th)? Can’t see anything in the financial calendar.
Stocking Safeway products is not a conversion, it is a change in whole sale supplier to Morrisons which happened circa 2 1/2 years ago and a year ago for McColl's ex-Coop stores.
Hi I live in Scotland and my local McColls has been converted. Not the McColls name but the stock within (safeway).
Much cheaper than before and better range of products.
Thanks
I've just been looking at the feedback people are leaving when it comes to Morrisons Daily's and on the whole many say that they are expensive.
Where my parents live there is a Waitrose and across the road is a Spar. On many products, often the Spar is as much as 20% more expensive then the Waitrose for exactly the same products. The only reason why I can see the Spar doesn't go under is that it opens 1 hour earlier than the Waitrose and closes 2 hours later.
What have I managed to glean when it comes to the stores that have been converted into Morrison's Daily's.
1. As far as I can see, so far none of McColl's stores in Scotland have been converted.
2. 152 stores have been converted (this information has a circa 3 week lag time, therefore can add around an addition 18 stores to this number to get a more accurate up to date number) with the stores in the Midland's and North West seem to have been given priority in the number of conversions so far. While McColl's stores in the South West, Wales and East Anglia, very, very few have been converted so far - in other words seems to be high population density areas being prioritised over the low population density areas.
3. Stores that have been converted seem to be far better stocked than stores that are still to be converted or other McColl's stores that are selling Safeway products. Therefore it seems to me that Morrison's are giving Morrisons Daily Fascia stores priority over other stores Morrisons are the whole sale supplier to.
4. Friendly staff.
Negatives seem to be:
1. They are expensive.
2. Since being converted some of the stores are closing a couple of hours earlier then they did when McColl's own branded stores.
Had probably fallen too far. Nice to see the lift in the share price today.
I've noticed on the last few stores McColl's have up for sale but are not under offer they have reduced the price on them again to try and get them away.
It looks like McColl's have divested themselves of a further 16 stores since I last posted giving numbers just over a week ago.
This means that for the month of November alone McColl's have divested 30 stores bringing the total for the year so far to 95 stores being divested.
As I posted just over a week ago it seems to me that McColl's management are really getting a shift on to get their store optimisation plan done and dusted by years end. Also by this time next year McColl's will have converted at least 450, 40% of their stores to Morrison Daily's - If this isn't management doing things fast enough to turn McColl's round then I don't know what is...
McColl's management have divested over 250 stores over the past two years, now that's some going!
When McColl's IPO in 2014, they're more or less a newsagents come Arkwrights corner shop, shop portfolio company leaving the management a herculean task of bringing the company into the 21st century.
It seems to me when the management started the whole process of modernising McColl's they didn't realise at first how quickly this turning around had to be done.
My main criticism of the management is that they didn't go for a rights issue when the share price was over 200p. If they had done so would easily have been able to raise double the amount, £70mln compared to the finance raising they did a couple of months ago. This would have left McColl's in a far better financial position then it is to day.
Thanks Logan, it does indeed appear on the face of it that they are in a hurry to clear out the dead wood. Out of interest, from where are you sourcing this information?
Last week I posted "In the past 7 days McColl's have divested themselves of a further 3 stores (14 so far in November and 79 for the year) leaving them with a current portfolio of just 1,183 stores."
It seems to me that McColl's have divested themselves of another 5 stores since my previous post (19 so far in November and 84 for the year) and therefore it seems to me that McColl's are doing their very best to get their store optimisation plan done and dusted by years end.
Bernardhard longer
Where on any rns does it say the morrison converted stores are 'highly profitable' .
I do hope your right as I'm heavily invested here..... think they should convert all 1100 stores really or at least get rid of the Mccolls banner and put Safeway there.....
We started the week at 19.5p, we’re now at 12.5p only 2.6p away from single digit….
Also got Clowns on the board of directors…
Must admit wish I got out at 23p the other week.
Looks like could be a single digit share price this the way it’s going
Really needs some director buys here to show the market has got this one wrong.
I do feel the supply issues will sort themselves out. Appreciate Mccolls have zero spare cash but we are investing in the 350 plus Morrison’s daily stores here….
In the past 7 days McColl's have divested themselves of a further 3 stores (14 so far in November and 79 for the year) leaving them with a current portfolio of just 1,183 stores.
Of the remaining to be divested only 11 are up for sale and not under offer which is down 4 over the past month with the rest being Under Offer.
2021 state of play when it comes to McColl's store optimization plan - targeting estate of 1,150 stores:
Number of stores divested, either leases sold or closed when lease expires or break clause in lease reached:
Jan - 9
Feb - 7
Mar - 8
Apr - 6
May - 6
Jun - 10
Jul - 4
Aug - 5
Sep - 6
Oct - 4
First week of November - 11
Total number of stores divested in first 10 months & 1 week of 2021 is 76.
Total number of stores in portfolio 1,186 - 24 Under Offer = 1,162 - 12 up for sale and not under offer = 1,150.
It seems to me by the end of the year McColl's store optimization plan will be all but complete as many of the stores that are currently under offer will have been sold.