Morrisons posts £1.5bn loss after CD&R acquisition
Last week the supermarket put over 1000 jobs at risk after it was reported that it planned to get rid of at least 80 property maintenance suppliers
Morrisons has posted losses of £1.5bn one year after being acquired by US private equity firm Clayton, Dubilier and Rice, according to its latest filing on Companies House.
The supermarket was acquired by CD&R in October 2021 for £7bn with a debt led takeover.
The deal saw £6.1bn worth of debt added to the company which has caused large interest payments, which have been affected by soaring borrowing rates.
The loss of £1.5bn for the year ended 30 October 2022 also includes the £400m taken on by the business in interest payments.
In the year before the takeover, the company posted an annual profit of £201m, although some of the losses can be attributed to rising food and energy costs.
As well as the loss post takeover Morrisons has also lost its position as one of the so called big four supermarkets having been overtaken by Aldi last year, according to data from market researcher Kantar.
Last week, the supermarket put over 1000 jobs at risk after it was reported that it planned to get rid of at least 80 property maintenance suppliers.
The company is likely to cut 50 jobs for people who deal with maintenance at its head office in Bradford and offices around the UK.
