Disposal of UK unit may drag into 2016

Musgrave Group may not complete the disposal of its under-performing British retail operations until early next year, despite agreeing a sale in May.

Three months ago, Musgrave announced it had reached agreement to sell its British operations — comprising the Budgens and Londis retail brands — to UK cash and carry/wholesale group, Booker for €57m.

The deal is reliant on regulatory approval and the Competition and Markets Authority in London has only begun running the rule over the transaction in the past two to three weeks.