Musgraves Group has agreed to sell its British retail brands to wholesale firm Booker for €57m.
Musgraves operates the Londis and Budgens brands in Britain, which have a combined 1,797 stores in the country.
Last year the company’s British arm had sales of £833m and made an operating loss before exceptional items of £7.4m.
Musgraves CEO Chris Martin said that after careful evaluation, the sale to Booker was deemed to be the right thing for the group given the “fundamental and permanent structural change” being experienced in the British market.
He said the sale also includes an agreement to develop a strategic partnership with Booker in the future.
Booker already owns the Premier retail brand in Britain, which has more than 2,900 stores, and the budget Family Shopper brand.
Its CEO Charles Wilson said the acquisition would help strengthen all of its retail brands and help its “independent retailers prosper”.
Both companies stated that completion of the transaction is subject to approval by Britain’s competition authority.
