Sainsbury’s has acquired 24 stores from the Co-operative Group, comprising 22 Somerfield and two Co-operative branded stores, for £83 million.
Sainsbury’s has acquired 24 stores from the Co-operative Group, comprising 22 Somerfield and two Co-operative branded stores, for £83 million.
The conversion of the stores will cost a further £45 million, all of which will be funded from existing cash resources. Justin King, Sainsbury’s chief executive, said: “We are delighted to acquire these stores which are an excellent addition to our store estate.”
Sainsbury’s reported a robust trading performance in 2008, with total sales up by 4.8 per cent in the last quarter. “Sainsbury’s good trading performance has continued over the past 13 weeks resulting in like-for-like sales growth, excluding fuel, of 4.5 per cent, with our best ever Christmas performance completing a good overall third quarter”, commented King.
The deal is subject to OFT approvals.
