[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 3 August, 2004, 17:06 GMT 18:06 UK
Rival bags convenience store deal
Scotmid stores
The Scotmid brand will be rolled out to the MN&N stores
One of Scotland's leading convenience store chains has been sold to one of its rivals for about 30m.

Scotmid is to take over Dundee-based Morning, Noon and Night's 50 stores across the country.

The firm has been built up over 13 years by Eddie Thompson, chairman of Dundee United football club.

Mr Thompson said the deal should not mean store closures or job losses, but added that it would not lead to an "influx" of money into Dundee United.

In a statement on the football club's website, he said: "Selling a company that I have built up from scratch has been one of the most difficult decisions I have ever had to make.

"However, Scotmid is a well established, leading Scottish company and I know that the MN&N staff and stores will be well looked after.

Morning, Noon and Night is recognised for its superb community reputation, value for money and friendly and professional staff
Colin Bird
Scotmid
"Also, market conditions are such that the purchase price is one of the largest ever retail deals between two Scottish companies and simply could not be ignored.

"In addition, I am currently undergoing treatment for prostate cancer which may entail me having to take some time out for further treatment."

Despite his health problems, Mr Thompson said he would be able to devote more time to running Dundee United.

The Morning, Noon and Night stores are spread across Scotland, from the central belt to the Highlands, while Scotmid's stores are concentrated around Edinburgh and the east of Scotland.

Morning, Noon and Night has a turnover of more than 50m.

Colin Bird, chief executive of Scotmid, said: "This is one of the most significant retail deals concluded in Scotland and will bring the Scotmid name into areas of Scotland where we did not have a presence.

Eddie Thompson
Eddie Thompson is chairman of Dundee United
"Morning, Noon and Night is recognised for its superb community reputation, value for money and friendly and professional staff.

"Their stores will be an excellent fit for the Scotmid operation. Without doubt we have purchased an extremely well run, profitable and successful company."

From February next year, Scotmid will start a re-branding operation.

Mr Bird added: "However, customers will still the see same faces behind their counters and they will also get further added value shopping through the Co-Operative product."

Scotmid's purchase of MN&N follows its acquisitions of M and S Toiletries, 13 Spar stores and a Motherwell funeral business.




SEE ALSO:
Cancer fight for Thompson
08 Jul 03  |  Football


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific