Musgrave faces Superquinn hurdles
Musgrave is in lead position to purchase the troubled retailer in a move which would make the company the country’s biggest retailer by market share. Musgrave CEO Chris Martin said the company plans to invest a further €20m in the Superquinn if its bid is successful.
However, separate court challenges could delay or frustrate the closing of the deal and even open up a route for a rival bidder to challenge for control of Superquinn. Two High Court actions are in train, one seeking to supersede the appointment of joint receivers Kieran Wallace and Eamonn Richardson of KPMG by placing the company in examinership with full protection from creditors for 100 days, the other challenges the appointment of the joint receivers.
