Tamworth Co-operative Society has confirmed that it has sold its food convenience store in Brownhills.
The store has been bought by the McColls group which has more than 750 food outlets in the UK. Existing staff at the Brownhills have transferred to the new owner.
Chief executive Julian Coles said the decision to sell was made on business grounds at a time when the society is expanding in other areas.
“This is not a case of us downsizing in the general scheme of things – in fact we are in the midst of an expansion programme in other locations.
“Whilst we are pleased with the steady financial progress we have made in recent years, we need to re-evaluate our business model at times to ensure we remain strong in the future. That is something which does not just apply to this Society, but to all large retail businesses.
“It’s important that we continually act in the best interests of our members and customers.”
Mr Coles said the Society would remain alert to investment opportunities in the future if they matched its specialisms and business model.
“We are currently involved in two ambitious building projects in Glascote and Dosthill. Work is progressing well on the creation of two new large and very modern stores which we believe will serve those communities extremely well.
“This represents a considerable investment for us and we will continue to look for opportunities to grow. The retail market we operate in has changed in recent years and at times we need to change too.”
Mr Coles said employees at the Brownhills convenience store were kept informed of developments throughout the sales process.
“None of them have lost their jobs as a result of the change in ownership. Their terms of employment have been transferred to the new owners under TUPE regulations. We are very sorry to lose them from the Society’s ranks and I would like to put on record my appreciation for all the hard work they have done for us.”