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Woolworths sells MVC for £5.5m

August 1st by Johnny Minkley

Woolworths this morning confirmed the sale of entertainment chain MVC for £5.5 million to a group of retail investors.

The offloading of MVC will create an exceptional loss of £34m for the High Street giant, for its half year to July 30th.

“The disposal of MVC removes a loss-making business from the Group and allows us to be solely focused on our retail business in Woolworths,” commented Woolworths chief executive Trevor Bish-Jones.

“We are pleased to have completed the acquisition of the business and look forward to working with the team at MVC,” added Christopher Steed, MD of Argyll Partners, and head of the investment group.

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