Morrisons is in discussions with Realty for a £600m-£1bn sale-and-leaseback of store properties to fund competitive reinvestment against the

The impact on the bonds will be a small positive; avoiding a strike will be a relief to the Morrisons branches in the

On the latest investor call, management mentioned that some smaller convenience stores were unprofitable. The smaller outlets were much

Morrisons' bonds may be marked fractionally lower as Lidl supplants Morrisons as the #4 UK Supermarket. However, this is a

The agreement with staff is positive for the bonds as it avoids short but disruptive labour disputes. Additionally, with the

The incremental impact of the Morrisons price cuts to creditors is small, but it underlines the low consumer confidence and the

The produce business has a value of c£600m to an external buyer, but the level of integration with its supermarkets may make this a strategic asset for

The new tills are designed to draw more customers to use the self-checkout. Fewer till staff will reduce costs, and in an increasingly

Continued cost-cutting at Morrisons has been well trailed by management. When the convenience buying team is merged with

In October 2025, we estimated the value of the full Morrisons Pharmacy business to be £170m. Press reports now suggest only a partial sale of

Aldi's investment in its stores is a response to investment programs by the rest of the industry. Aldi/Lidl are already cheaper, but run on fewer

The main question we have about raising debt against property assets is, why? With no medium-term maturities, it is unlikely to be a matter of

USDAW is understandably angry that its members working for Morrisons are receiving lower pay rises, but the government's additional

Our valuation of the Rathbones bread business in November 2024 was c€80m based on FYE 2023 results, but the business has

Supermarkets are looking for ways to boost gross margins, and a more aggressive approach to lagging outlets

Having store staff walking about the store filling baskets is the least efficient solution, particularly when it is their second job. In-store picking

The in-store pharmacy business at Morrisons is worth about £170m, so a sale would be useful but not game-changing. The rationale behind owning

The new instant delivery service will not significantly impact volumes at Morrisons. Morrisons Now is not intended to replace the weekly shop (online or in-store), but it does

Given the competitive UK environment, Morrisons' loss of its marketing director after two months reflects poorly on the company. CEO Rami Baitiéh will need to

Aldi grew sales 6.3% (vs inflation of 5.2%) and continues to close the gap on Morrisons. Given that grocery inflation is at the same

Please find our unchanged analysis here.

Morrisons is pushing out some of its senior secured debt and up-tiering around half a turn of SUN’s debt. The transaction makes sense as

The tone of the release suggests that staff are hiding in store rooms, and the new policy will speed up shelf restocking. The move will not

Morrisons’ comment that competition remains significant but rational is supported by the latest data from The Grocer. ALDI/Lidl are