Superquinn will continue to trade as normal in Limerick following the appointment this week of Kieran Wallace and Eamonn Richardson of KPMG as Joint Receivers and Managers to the Superquinn Group and associated companies.
The Joint Receivers and Managers have reached an agreement with Musgrave Group plc on terms to buy the Superquinn business. The transaction will secure the long term viability of the Superquinn business, protect the jobs of the 118 employees in Limerick as well as the 2,800 full and part-time staff in the 24 Superquinn stores nationwide. It will also ensure that Irish consumers can continue to enjoy the Superquinn product offer.
The Superquinn Group will remain under the management of the Joint Receivers and the existing management team, led by Andrew Street, pending regulatory approval and the completion of the transaction.
All Superquinn stores will remain open for business and will trade as normal. Musgrave, which is an Irish family owned company, will use its significant brand expertise to develop the Superquinn business by investing in the stores and bringing value to the Superquinn shopper
Superquinn suppliers will be contacted by the Joint Receivers over coming days to advise them of the implications of the receivership and the pending transaction. The Joint Receivers will ensure payment for future deliveries for the duration of the receivership and wish to continue trading with all of Superquinn’s existing suppliers. Upon completion of the transaction, Musgrave will work with existing Superquinn suppliers and is committed to providing them with the opportunity to continue to supply the Superquinn business.
Commenting, Eamonn Richardson of KPMG said: “Customers in Limerick will continue to experience the typical Superquinn shopping experience with the full range of fresh foods and groceries, delivered with the trademark friendly customer service. All of the shops will continue to trade as normal. The Group, which has been operating in a tough trading environment, has been heavily indebted, primarily due to property related loans. Therefore, this receivership, together with the planned sale as a going concern to Musgrave Group, is a positive development for Superquinn, its employees and customers. Despite new ownership, there will be no disruption to business for customers and the Superquinn stores will continue to trade as normal.”
The Joint Receivers will remain in place until the regulatory approval process is complete.
