Wholesaler Metro is pushing ahead with its transformation and divesting itself of its loss-making business in Belgium. The company announced on Wednesday in Düsseldorf that the sale to the investor Bronze Properties had been signed and completed. It was agreed not to disclose the financial details. The sale will result in one-off costs of around 150 million euros. The operating result (Ebitda) should rise again and again by an average of 20 million euros, it said. The real estate portfolio of eleven locations will remain with Metro.
According to Metro, the Belgian business, which is also increasingly aimed at end consumers, has been under considerable economic pressure for several years. It is active in a very competitive market, which has contributed to declining sales and losses, Metro explained the sale. The sale has no impact on the forecast for the current financial year. Metro therefore confirmed the outlook for sales and adjusted Ebitda for 2021/22 as well as the medium-term targets.
The withdrawal from Belgium had been speculated for some time. Metro boss Steffen Greubel has set the goal of wanting to achieve a leading market position in the respective countries. In the course of this, the wholesaler has already given up several markets or announced its withdrawal, such as India, Myanmar or Japan recently. (dpa)