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

Bonds will be a little higher on the back of what were decent operational Q3 results in a very tough UK market. Management reiterated its full-year

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

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

Please find our updated analysis here.

In a tough trading environment, Morrisons has managed to raise YoY EBITDA despite cost-cutting largely being consumed by headwinds from

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

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

A commendable set of Q4 (Oct 2025) results from Morrisons in a tough trading environment. The Q4 and FY Revenue figure is

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