Musgrave Group plc (Musgrave) welcomes today’s announcement by the Competition
Authority that it has cleared the Group’s proposed purchase of Superquinn. The transaction, which will secure the long term viability of the Superquinn business and protect jobs can now be concluded in the coming days.
Chris Martin, CEO, Musgrave Group said, “We welcome today’s announcement by the Competition Authority which clears the way for us to complete the purchase. We anticipate that we will now conclude the transaction on October 11th.
“The purchase of Superquinn supports our growth agenda and will sustain our competitiveness. We will apply our considerable expertise to help stabilise a business that has been greatly challenged by the changes in the market place in recent years. In a declining market where consumers are spending less and continuously looking for value, Superquinn has struggled to retain market share. Working with the Superquinn team, we will tackle these considerable challenges to stabilise the business and develop it for the future.”
Following the anticipated completion of the transaction on October 11th, the €10 million fund established by Musgrave for Superquinn suppliers will be activated and administered by the Joint Receivers. Further details can be found on the Superquinn website www.superquinn.ie.