South African retail giant, SPAR, intends to offload its Swiss and UK operations.
The SPAR Group, a multinational food retail and distribution company, has disclosed plans to sell its retail businesses in Switzerland and the United Kingdom following a review of its European operations.
In an exclusive agreement, SPAR is reportedly negotiating with an unnamed UK-based business for the acquisition of its UK operation, Appleby Westward Group. The potential buyer is said to be well-positioned to expand and further the growth of AWG in South West England, though the identity of the party remains unrevealed [3].
SPAR's Swiss operation, comprising 300 stores, accounts for approximately 16 billion rand ($899 million) in the company's turnover, while its South West England branch contributes around 6 billion rand. Other territory-specific retail businesses for SPAR include Ireland and Sri Lanka [2].
No additional details regarding the identity of the prospective buyer, the terms of sale, or the potential impact on the companies or their employees have been made public at this time. The news represents a significant shift in the global operations of the SPAR Group.
[1] Sparsight: News & Updates[2] SPAR Group: Regional Operations[3] Global Newswire: SPAR Group Announces Exclusive Talks for UK Operation Sale
- The SPAR Group, with its focus on expanding its business and finance, is in negotiations with an undisclosed UK-based entity for the acquisition of its UK operation, Appleby Westward Group, which operates in the food retail industry.
- Amid this, the potential buyer is posited to leverage the growth opportunities in South West England, boosting the food retail business of the Appleby Westward Group.
- On the other hand, in the Swiss market, where the SPAR Group operates 300 stores generating approximately 16 billion rand ($899 million) in turnover, the identity of the party interested in its retail businesses remains undisclosed.
