Oct 4, 2021
Morrisons chairman expects good Christmas for shoppers
The chairman of supermarket chain Morrisons has insisted the supermarket will be able to deliver a "Good" Christmas for customers despite supply chain issues. Morrisons owns a quarter of its suppliers, including fisheries and meat production operations, and Mr Higginson said that was one of the reasons the private equity firm had found the business attractive. Rewind to the start of the summer, and the supermarket chain Morrisons is a stock market plodder, a company to be invested in for its healthy dividend rather than any hope of a big rise in the share price. What did the City miss? According to Andy Higginson, Morrison's outgoing chairman - like the company's other non-executive directors, he will leave when the deal is completed - the Square Mile's fund managers could not see the "Inherent strength" of the chain, which owns many of its store freeholds, has its own food production assets, and a pension scheme in surplus. Mr Higginson said Morrisons was not alone in having been undervalued, describing it as a "Sector problem".
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