The Co-operative Group (Co-op) has found up-front buyers for all 24 stores in areas where the Office of Fair Trading (OFT) was concerned about reduced competition as a result of its proposed acquisition of Somerfield.
The up-front buyers are:
• Lidl (one store)
• Tesco (six stores)
• Musgrave Group (seven stores)
• Spar (six stores)
• Morrisons (four stores)
Twenty of the sites to be sold off are Somerfield stores, while the other four are Co-ops.
The Co-op was required to find up-front buyers in order for the OFT to give the green light to the merger.
A spokesman for the Co-operative Group and Somerfield said: “There is considerable interest in the portfolio of stores that the OFT has required us to sell.
“We have made excellent progress in securing the ‘up-front buyers’ and this keeps us on track to complete the deal in the first quarter of next year.”
Yesterday, Morrisons announced it is to buy 38 stores from the Co-operative Group.
These include stores in the second batch of 109 stores that the Co-op will be required to sell-off after the Somerfield deal is completed.
OFT statement: Anticipated acquisition by Co-operative Group Limited of Somerfield Limited
