Morrisons sheds £261m in debt restructuring
Morrisons has announced that it has undergone a debt restructuring agreement, shedding £261m in debt and extending its payment dates and terms for its current loans.
As part of the new agreement, the supermarket chain acquired a £930m Sterling and Euro bond, which is dated January 2031.
Additionally, the retailer issued a new loan of £450m dated November 2030 and repurchased £1,193m of Sterling and Euro bonds that were dated 2027.
Morrisons CFO Jo Goff said: “We’re continuing to build a stronger, customer-focused Morrisons, renewing and modernising the business, while maintaining the traditional values that are our foundation.
“Against this backdrop, I’m very pleased with our further progress on debt reduction, with our debt levels now around 43% lower than in October 2021, whilst our retail estate remains over 80% freehold.”
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Morrisons announced its goal to buy back £1bn of debt after selling its petrol forecourt in May 2024.
Last year the supermarket chain decreased its debt by almost 40% with a credit restructuring, which brought its outstanding debt to £3.8bn from £6.2bn.
Additionally, in September 2024 the retailer made an agreement with Song Capital that aimed to shed off its debt via a £331m property deal. As part of the deal, income from 75 of the retailer’s stores went to Song Capital.
However, its turnaround efforts for its finances have recently been successful. The retailer has recently reported strong results in its second financial quarter, with a 3.9% rise in like-for-like sales and a total sales increase of 4.2% to £3.9bn.
7 Comments. Leave new
We used to do our weekly shop at Morrisons and have done for 20+years. The staff were always freindly helpful and had a smile on their face. Quite a few months after it being bought there were lots of changes and none for the better. A trained sheep dog was required to find a member of staff, the happy freindly faces had disappeared. The saturday morning breakfast at the cafe was the start of our shop. Once were told of a 25 min wait due to staff shortage only 18 in. We have never experienced that in our 20+ years. No staff on fish counter, no staff on cold meats non, on butchers, these counters were what made Morrisons great, their cakes were unbeatable. We did call back occasionally but nothing has changed. Sadly we slowly weened ourselves off them and along with many others who have complained to no avail we don’t shop there anymore.
But still, they won’t sit down with USDAW and discuss their workers pay rise! Instead, they’re introducing a stealth time in motion practice which puts even more pressure on their underpaid and unvalued staff.
100% agree with this, we have members of staff expected to do the job of 3, morale is rock bottom and everyone is just exhausted. Stores are running on skeleton staff so when there is someone off sick or on holiday the pressure is immense but we are still expected to get everything done 😞 and don’t get me started on optics 🤬
Same old story staff at sharp end take all the flake always lower paid while these large companies buy these for pensions funds
100% agree with this, we have members of staff expected to do the job of 3, morale is rock bottom and everyone is just exhausted. Stores are running on skeleton staff so when there is someone off sick or on holiday the pressure is immense but we are still expected to get everything done 😞 and don’t get me started on optics 🤬
But still, they won’t sit down with USDAW and discuss their workers pay rise! Instead, they’re introducing a stealth time in motion practice which puts even more pressure on their underpaid and unvalued staff.
Good staf working there. Always helpfull