Marks & Spencer Group has taken “full control” of its food supply chain by completing the £145m acquisition of its principal contract logistics provider Gist.
The move to create a more efficient and effective food supply chain – which was first announced on 21 July – will allow M&S Food to continue accelerating the multi-year plan to modernise its food supply chain network.
Marks & Spencer boss Stuart Machin – who also described the completion as a “momentous day for M&S” said the move “marks a step forward in our multi-year programme, which will transform our entire supply chain”.
He continued: “We have been open about the limitations of our legacy contract with Gist and through this decisive acquisition we have removed that impediment to our growth.
“We can now take full control of our food supply chain for the first time in M&S history and invest in a fit for the future logistics network.”
Since the initial signing in July, all necessary merger control approvals have been obtained and the separation of businesses not forming part of the acquisition target have completed, allowing M&S Food to bring its food logistics fully in-house.
The acquisition – which was widely considered to be a good move by the industry – was officially completed on 30 September 2022.
