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Retail

Fortress Has The Pedigree To Keep Morrisons Successful, Says Analyst

Fortress Investment Group, which had a £6.3 billion (€7.35 billion) offer for Morrisons accepted last weekend, has the pedigree to continue the success of the UK retailer, a leading analyst has said.

Describing the agreed deal as a "good deal for both sides", Chris Elliott, head of market insights at Edge by Ascential, said that the US-based investment firm, which is owned by SoftBank, "has a track record of supporting the grocery industry as it invested in the US in Albertsons, A&P and Circle K. Closer to home, it also bought Majestic Wines at the end of 2019, bringing back former managing director John Colley to rebuild the retailer.

"So, there is plenty of evidence to suggest that Fortress is committed to the long-term success of Morrisons."

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