Superquinn acquisition to be finalised on 11 October

Following the anticipated completion of the Superquinn acquisition on 11 October, the €10 million fund established by Musgrave for Superquinn suppliers will be activated and administered by the joint receivers

After receiving the green light from the Competition Authority, Musgrave's acquisition of Superquinn is expected to be finalised on 11 October

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The Competition Authority has now approved the acquisition of Superquinn by the Musgrave Group.

In a statement released earlier today, Kieran Wallace and Eamonn Richardson of KPMG, the joint receivers of Superquinn, said they “acknowledge and welcome” the authority’s decision.

The Musgrave Group also welcomed today’s announcement by the Competition Authority.

The transaction will now proceed and is expected to be finalised on 11 October of this year. A move which Musgrave has said “will secure the long term viability of the Superquinn business and protect jobs”.

Joint receivers, Wallace and Richardson, added that they “will now move to communicate with employees, their representatives and with Superquinn suppliers.”

Eamonn Richardson commented: “This is great news for all concerned.  We would like to sincerely thank Superquinn’s employees, suppliers and customers for their cooperation and support throughout the receivership process.  We wish them the very best in the future under the new ownership of the Musgrave Group.”

Chris Martin, CEO, Musgrave Group said, “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 11 October, 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.

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