LONDON – The Telegraph reports that investment firm Greybull is in exclusive talks to takeover U.K. grocery chain Morrisons’ M Local convenience stores.

The news source writes that earlier this year in March, Morrisons revealed plans to close 23 of its M Local convenience stores, noting that the grocer was late in the process of opening up smaller formats and “had been trying to catch up” to its competitors, Tesco and Sainsbury. 

Analysts also say that Morrisons’ “scattergun approach” to M Local store openings led to high rental costs to secure prime retail spots such as Oxford Street in London. The news source continues that the grocery chain’s new management has halted new M Local store openings, while CEO David Potts is working to instill a “back to basics” approach to the company.