Musgrave to sell its British Business for €57 million

Musgraves

Musgraves is to sell its British business which operate Budgens and Londis brands to Bookers for €57 million.  The move will mean that Musgraves will concentrate on its operation’s in the Republic, Northern Ireland and Spain. The deal is subject to regulatory approval and on a debt free basis.

Chris Martin, Chief Executive of the Musgraves Group said the decision was taken after careful evaluation of options. The UK wing of Musgraves has been loss making, they furthered. Mr Martin said ‘Having received a proposal from Booker, we concluded that a sale to Booker is the right thing for the group and would be the most advantageous outcome for our retailers, colleagues and suppliers in Great Britain,”

Musgrave will develop a strategic partnership with Booker, which could see the companies collaborate on digital innovation and buying opportunities, sharing of best practice and to achieve cost savings and efficiencies for the business.

Source: http://www.irishtimes.com/business/retail-and-services/musgrave-to-sell-british-business-to-booker-for-57m-1.2220873