Spar takeover to see €100m spent

The company which runs the Spar chain in South Africa has bought a controlling stake in the firm which operates the brand in Ireland, promising investment of up to €100m.

Spar South Africa announced to the Johannesburg Stock Exchange yesterday, that it has reached agreement to buy an initial 80% share of BWG Group — which operates the Spar, Mace, Eurospar and XL chains in Ireland and parts of England — for €55m.

The new owner plans to maintain all of the existing brands within the BWG portfolio and invest up to €100m in the future expansion of its wholesale and retailing operations over the coming five years.