This involved 38 stores – including 6 fuel forecourts – across Jersey, Guernsey and Alderney with an annual turnover in the region of GDP145.5 million. All 38 stores in the deal will remain as convenience stores.
The transaction will be subject to CI’s regulatory authorities and is hoped to be completed by July 2024.
The deal will include Jersey and Guernsey stores currently trading under the following fascia: Morrisons Daily, Iceland, Checkers Xpress and Le Cocq’s in Alderney. The deal does not include the Marks & Spencer Jersey business which will remain part of the SandpiperCI Group.
It is anticipated that all store-based colleagues will transfer over to Wm Morrison Supermarket Limited.
The cross-jurisdictional Appleby team was led by Managing Partner James Gaudin and Counsel Paul Worsnop in Jersey, with support from Senior Associate Stephen Le Cornu and Associate Inyeneobong Udoh. The real estate elements of the transaction were led by Partner John Bisson and Counsel Kate Westwater. Employment advice was led by Guernsey Partner Richard Sheldon and Guernsey corporate was led by Partner Stuart Tyler with assistance from Associates Omolola Botsane and Raphael Chitambira.
James Gaudin said: “We are really pleased to have been able to work with the supermarket chain, which of course is a household name, on this exciting deal. Appleby’s expertise in corporate law, property and employment across the Channel Islands came into play to showcase how well Appleby jurisdictions work together and I know this was very much appreciated by our client.”
