The process of converting their Score brand stores into the Pick n Pay or Boxer formats unfortunately left a number of stores surplus, where the site either didn’t merit the significant investment involved in an upgrade, or where an existing PnP group store was too close by.

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Alchemy sold 36 stores as going concerns (hence protecting ±1 500 jobs and minimising Score’s possible retrenchment costs and reputational risk, while also securing sub-rental income). In a further 4 cases, where going concern sales were impractical, the cancellation route was successfully followed. 

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In this instance, in order to secure a property solution (minimise risk related to >R60 million outstanding lease obligations), Alchemy has had to play business broker (unlocking >R50 million for fixtures & stock), an example of our commitment to getting the job done.