3i bids goodbye to Morning Noon & Night

3i has sold its investment in Morning Noon & Night, the UK convenience store chain, for £8m, having backed the business with £300,000 of seed capital in 1991. The company was sold to Scot-mid generating an IRR of 36% for 3i.

Judy Mackie, portfolio manager of 3i, said: “Morning Noon and Night has been an excellent investment for 3i and Eddie and his management team have done a superb job in developing the company. Both ourselves and the management believe Scot-mid has the right criteria and proven track record to support the company financially and in terms of growth.”