Superquinn sells properties for €142.5m

SELECT Retail Holdings, the owners of Superquinn, will cut its debt burden after selling off some of its properties to Friends First for €142.5 million.

Superquinn is owned by a consortium of property developers fronted by Bernard McNamara. It bought Superquinn for €420m from the Quinn family in 2005.

Superquinn yesterday sold five of its properties to investment firm Friends First for €142.5m. Superquinn will continue to operate the stores under lease from Friends First.