September 21, 2007

Morrisons halt £1 billion property deal

A billion pound property deal for supermarket chain Morrisons has been put on hold; this has been put down the current financial markets position, of lending and probably interest rates too.

The company had been working on the final stages of the deal when the decision was made. This is not the first property deal to have ended in this manner during the past few months. The company had an even larger £4.6 billion property deal going with pub owners Mitchell’s and Butlers, but this also collapsed for one reason or another.

The company does still have other projects to consider, and are not concerned at the sudden halt to the latest one, Chairman of Morrisons, Sir Ken Morrison is said to be unconcerned with these problems.

Source [Times Online]