M&S buys logistics firm Gist for controlling the grocery chain
Monday, July 25, 2022
Marks & Spencer has sealed a buy-up to £255 million to buy retail logistics business Gist, in an effort to take control of its supply chain.
The food and apparel giant has agreed to buy the business that runs M & S Food's logistics, from Storeshield, a subsidiary of the BOC group.
Retailer Gist serves the vast majority of M & S Meals through a cooperative of eight main and ten secondary distribution centres across Britain and Ireland.
It would also pay up to £25 million plus interest "on a limited basis."
M & S buys logistics company Gist to inspect grocery supply chain
Stuart Machin, managing director at the retailer, said: 'M&S has been tied to a higher cost legacy contract, limiting both our incentive to invest and our growth.
The announcement came just hours after the retailer confirmed its chief finance officer is to leave to take over Related British Meals (ABF), the shoppers group behind Primark.
Eoin Tonge is due to take over "no later than February 2023" while outgoing ABF financial chief executive John Bason is expected to take over.