John Lewis ‘plans sale’ of 12 Waitrose stores to raise £150m

John Lewis reportedly has plans to sell 12 Waitrose stores in a bid to raise capital.

The British retailer is aiming to raise around £150 million from the sale and leaseback of the UK properties, according to a report from Bloomberg.

People familiar with the matter told the news organisation that marketing of the supermarkets will launch next week.

The report said that the stores, which will include 20-year inflation linked leases, will mainly be based in the south of England.

The move to raise capital comes after the partnership recorded pre-tax losses of £57.3 million over the 26 weeks to 29 July.

The company managed to narrow its losses by 14 per cent in the first half of the year but has continued to been affected by rising costs.

Inflation has played a part in increasing the retailer's costs by £179 million, knocking the company's ambitious transformation plan back by two years.

“The Partnership is a unique model that has been tested and come through stronger many times in our 100 year history," said John Lewis' chairman Sharon White earlier this month. "While change is never easy - and there is a long road ahead – there are reasons for optimism.

"Performance is improving. More customers are shopping with us. Trust in the brands and support for the Partnership model remain high.”

Image credit: Waitrose

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