Second change of ownership is not surprising

SUPERQUINN’s second change of ownership since being established by Senator Feargal Quinn’s family in the 1960s comes as no real surprise and has been on the cards for some time.

Despite denying that it was up for sale, the chain’s most recent owner — Select Retail Holdings (SRH) — enlisted investment bankers, Goldman Sachs to run the rule over expressions of interest made by a number of British-owned chains in 2008. A figure of between €250m and €300m was bandied about but the speculation came to nothing, with management apparently unimpressed by offer prices. However, SRH claimed, at the time, that it was only interested in listening to bids for the 14.5% stake owned in the company by property developer, Bernard McNamara.

In May of this year, SRH said it was only interested in implementing its new business plan despite rumours that Musgrave was interested in buying Superquinn. Musgrave had also been linked to an approach three years ago. But, last May’s rumours prompted Superquinn’s trade unions (including SIPTU and Mandate) to seek clarification over the safety of the chain’s 2,500 or so staff members. The company’s bank debts had increased to €250m.