Woolworths take hit as MVC chain sold

Woolworths took a £34m (€49m) hit today after agreeing the sale of its loss-making music and video chain MVC.

The one-off loss on the sale of the 76-store business to corporate finance specialist Argyll Partners – will enable Woolies to focus on the battle to protect its UK high street stores from the retail downturn.

Woolies put the business up for sale in March after deciding that the investment required to reposition MVC would be “substantial”.