John Lewis considers £150m sale of 12 Waitrose stores
The John Lewis Partnership is in talks regarding the sale and leaseback of 12 Waitrose stores in a deal worth £150m.
The stores – which are predominantly based in the South East of England with 20-year inflation-linked leases – are expected to hit the market next week, Bloomberg has reported.
CBRE is understood to be marketing the stores, although sources told Bloomberg that there is no certainty a sale will take place.
John Lewis announced earlier this month that its recovery plan has been pushed back by two years to 2028, with the retailer citing inflationary pressures and greater than expected investment requirements.
The retailer said that high rates of inflation in 2022, which led to an increase in costs of £179m, had led it to sharpen its focus on its “long-standing productivity challenge”.
It has been a tumultuous period for the retail group, with chair Dame Sharon White enduring a vote of confidence from shareholders in May. She has previously sparked discontent over suggested plans to sell part of the business, meaning that John Lewis would no longer be entirely employee-owned.
The group has also come under fire from campaigners over its plans to build a multi-storey residential scheme in Ealing, as part of its wider £500m joint venture with global investment company abrdn to deliver around 1,000 new homes.