Britain’s fourth largest supermarket chain has confirmed the sale of its Kiddicare business for Endless Capital, a private equity group, for £2m – just three years after it bought it for £70m.
Morrisons, a grocery giant based in Yorkshire, purchased the baby products retailer in 2011 in an effort to expand its presence online. After striking a £216m online shopping deal with Ocado, the company announced in March that Kiddicare no longer fit with its strategy and accepted a £163m writedown on the loss-making business.
Morrisons has retained the liabilities for ten Kiddicare store leases.
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