Fortress plans to sell 17 M&S stores in GBP 70 million deal

By guest author Sahar Nazir from Retail Gazette

  • M&S stores at risk as investor Fortress plans to sell 17 UK shops
  • Fortress, the owner of Majestic Wines, acquired 17 M&S stores in 2016
Caption courtesy by Retail Gazette

Marks & Spencer stores across the UK are reportedly at threat as US investor Fortress reveals plans to offload some units.

The investment company is considering selling 17 M&S stores across the UK for GBP 70 million, Property Week reported.

Fortress, the owner of Majestic Wines, acquired the M&S stores from Topland in 2016.

The original deal saw the investment group pay GBP 450 million for 76 stores, which also included some non M&S income.

The nationwide portfolio is understood to be let to the up-market grocery chain for a further 5.2 years.

Most sites are being marketed on a freehold basis, with Colliers and HP Four instructed to seek buyers.

Locations for the sites include Kirkcaldy, Andover and Dundee.

In March 2021, M&S revealed plans to downsize the number of stores selling both clothes and food by 30 % to 180 outlets.