Superquinn denies seeking a sale

SUPERQUINN says it is not seeking a sale, despite reports Musgrave is interested in buying it.

A Superquinn spokesperson said yesterday that the company is focused on implementing its recently approved business plan which. Reports over the weekend said Musgrave, which owns SuperValu made an approach to buy Superquinn recently.

A spokeswoman for Musgrave said yesterday that it does not comment on rumour. According to the reports Superquinn’s board is opposed to an immediate sell-off of the company. The reports said the prospects for a deal may hinge upon the attitude of Superquinn’s banking consortium of AIB, Bank of Ireland and Danske Banks, which is believed to be owed up to €250 million by the property developer and corporate financier consortium which own it.

In 2008 there was also talk that Musgrave was looking to purchase the Superquinn chain of supermarkets.

According to reports then, Musgrave was though to have offered €150m to Goldman Sachs in London, which was handling the process but Superquinn’s owners were thought to be seeking about €250m.

Superquinn was once owned by Senator Feargal Quinn and was sold for a reported €450m in 2005. It is now controlled by a consortium known as Select Retail Holdings.