Musgrave to sell off 172 British stores

THE Musgrave Group is expected to recoup a large portion of the €270 million it spent on acquiring British symbol retail grocery chain Budgens in 2002 when it sells off 172 shops in Britain.

Musgrave intend to keep its association with the store following the sale as the 172 stores will join the existing 60 outlets which Budgens operates on a franchise basis similar to its Centra and SuperValu operation in Ireland.

Musgrave Group managing director Seamus Scally said the sale of the stores to individual retailers, managers or entrepreneurs was always part of their plan for Budgens and did not represent a change in policy.