Morrisons has clocked up a fresh £1billion loss as it continues to struggle under private equity ownership. The supermarket chain, which was bought by Clayton Dubilier & Rice for £7billion in October 2021 after an intense bidding war, has found life as a private company hard.
In January, Morrisons agreed a £2.5billion deal to sell its petrol forecourt business to sister company Motor Fuel Group. The ‘vast majority’ of the proceeds – almost £2billion – will be used to reduce debt, Morrisons said in January
Latest results for the 52 weeks to the end of October 2023 reveal the company posted a £1.1billion loss on revenue of £18billion, according to filings at Companies House for the chain’s parent company Market Topco.
That compares with a loss of £1.5billion in the 65 weeks to the end of October 2022. Much of the loss was a result of having to service the group’s massive debt pile.The company reported finance costs of £735million, with £400million spent servicing its annual interest payments on borrowings of £5.4billion..
Full story at Morrisons posts £1bn loss as debt payments soar following private equity takeover | This is Money
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