Loss forces Musgrave to restructure UK arm

The Musgrave Group has commenced a restructuring programme in its British operations, aimed at turning around the fortunes of adivision largely responsible for the group making a loss of nearly €95m last year.

The Cork-based grocery and food service group — which owns the likes of the SuperValu, Centra, and Daybreak brands in Ireland and UK players like Budgens and Londis — yesterday reported a pre-tax profit (before exceptional items) of €60m for 2013.

However, when €141.2m worth of exceptional items — relating both to its UK business and €12m in integration costs concerning the amalgamation of Superquinn with SuperValu — are included, Musgrave made a total loss of €94.9m last year. It made a profit of nearly €61m in 2012.