Musgrave Group plc (Musgrave) has reached an agreement with the Joint Receivers on terms to purchase the Superquinn business. The transaction will secure the long term viability of the Superquinn business, protect jobs and ensure that Irish consumers can continue to enjoy the Superquinn product offer. Superquinn will remain under the management of the Joint Receivers pending regulatory approval and the completion of the transaction.
Musgrave, which is an Irish family owned company, will use its significant brand expertise to develop the Superquinn business by investing in the stores and bringing value to the Superquinn shopper.
Musgrave, which already operates a range of successful retail brands including SuperValu, Centra and Daybreak in Ireland, Budgens and Londis in Great Britain and Dialprix in Spain, has extensive brand building experience all of which will be applied to benefit the future of the Superquinn brand in Ireland.
Superquinn has been challenged by the scale of its debt burden and the difficult trading environment. This purchase secures the jobs of 2,800 people and on completion of the sale process, Musgrave intends to invest in the stores and work with the Superquinn employees to develop the future of the business.
Musgrave already has a strong commitment to Irish suppliers which helps support 14,000 jobs across 600 supplier companies and contributes €2.9 billion to the Irish economy. Musgrave is committed to providing existing Superquinn suppliers with the opportunity to continue to supply Superquinn stores.
Commenting Chris Martin, CEO, Musgrave said; “Having come to this agreement with the Joint Receivers, we are excited by this opportunity. Purchasing Superquinn, when approved, supports our growth agenda and will sustain our competitiveness. We are looking forward to working with the Superquinn team to develop the future of the business.”