Bluebox advise on the sale of Shoprite to Tesco PLC

Bluebox is delighted to announce the sale of Shoprite, the Isle of Man’s leading grocery retailer, to Tesco PLC, one of the world’s largest retailers.

Established in 1972, Shoprite is a highly-successful multi-format supermarket operator with an estate comprising some nine stores exceeding over 150,000 square feet of retail space across the Isle of Man. Throughout its incredible 51-year history, Shoprite has proudly served the Manx community, supporting the growth of numerous local suppliers.

The deal, initiated and negotiated by Bluebox Corporate Finance, will see Tesco acquire the entire Shoprite store portfolio, with a plan to rebrand the existing sites as ‘Tesco’ over the next nine months.  Tesco will deliver an expanded product range with a continued commitment to exceptional customer experience.

 

Jason Tarry, CEO (UK & ROI) of Tesco commented:

“I am really pleased that we’ve reached this agreement with Shoprite. Deryck and Kevin Nicholson and the team at Shoprite have built a fantastic business over many years, and we look forward to welcoming Shoprite’s store colleagues and customers to Tesco.”

 

Kevin Nicholson, shareholder in Shoprite commented:

“As a family-owned business with a longstanding relationship with the Manx community, it was of utmost importance to us that we transitioned ownership to a retailer who will continue to deliver an exceptional service for our customers. We were delighted to have appointed Bluebox who managed the sale process expertly and guided us through a rather complex transaction. We could not recommend them highly enough and want to thank the team for their support throughout.”

 

Paul Herman, CEO of Bluebox added:

“Alongside maximising value, our client’s objective was to identify a buyer for the Shoprite business who could maintain the exceptional level of grocery provision on the Isle of Man and, at the same time provide a good home for a stable, loyal workforce.  We are delighted to have secured a deal with Tesco who require no introduction. It was a pleasure for me and the team to work alongside such capable operators and we look forward to seeing the ongoing success of the business – albeit rebranded – in the years to come.”

 

 


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