Londis Board members intend to accept €23 million offer from BWG
Completion of the offer is subject to acceptance by at least 80% of Londis shareholders and Competition and Consumer Protection Commission clearance.
Print23 January 2015
Londis’ Board members who are shareholders of the company have confirmed that they intend to accept an offer from BWG to acquire its trading business for €23 million.
The offer will now have to be accepted by the holders of at least 80% of the issued shares of ADM Londis and pass through Competition and Consumer Protection Commission clearance.
Londis currently has 200 stores located throughout the country. The company, which has been operating in Ireland for more than 60 years, is owned by its members and reported sales of approximately €195 million for 2013.
Londis is a complementary business to BWG’s existing multi-brand retail operations which comprise 1,175 Spar, Eurospar, Mace and XL symbol stores throughout Ireland and the South West of the UK.
Following completion of the deal, BWG has confirmed that it is committed to retaining and promoting the Londis brand and to investing in its future growth and development.
BWG has ambitious plans to expand its business and following the recent investment by Spar South Africa, the group has significant funds available for investment in suitable opportunities. The offer for Londis is consistent with BWG’s strategy for growth and the group believes that it will bring significant benefits to Londis’ retailers in terms of shared purchasing, marketing, and innovation in areas such as store formats and fresh food.
Commenting on the offer, Leo Crawford, CEO, BWG Group, said: “Through our partnership with Spar South Africa, BWG has ambitious plans for investment and expansion and we would warmly welcome Londis retailers into our business where they can be part of our future success.”
Commenting on behalf of Londis, Stephen O’Riordan, CEO, said: “At Londis we’re keen to continue a journey that has seen the group drive efficiency and service whilst delivering value for customers and protecting retailer margins. We believe that being part of a global business of scale would further enhance competiveness for consumers and franchisees. We are encouraged by BWG’s commitment to supporting the Londis brand and to investing alongside our retailers for continued growth.”
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