What: John Lewis Partnership could be raising up to GBP150 million from the sale and leaseback of 12 Waitrose supermarkets.

Why it is important: John Lewis Partnership highlights its pursuit of cost-saving strategies as part of its turnaround plan.

The stores, located in the south of England, will be marketed next week with 20-year inflation-linked leases.
The Partnership aims to triple its target for cost savings to GBP 900m by January 2026 and has initiated moves such as downsizing its London headquarters and searching for new office space. The company had to delay its five-year turnaround plan by two years due to high inflation and the cost of living crisis.
John Lewis Partnership was considering selling a minority stake in the group to raise at least GBP 1 billion for investment. However, the business would not step away from its staff-owned model after facing criticism.

John Lewis mulls sale and leaseback deal