The award-winning deli, wine outlet and restaurant is been a focal point in Galway city centre since opening in 1922.

Managing director Eoin, grandson of founder George, and sisters Natalie and Norma agreed to sell to wholesale and retail grocery giants Musgrave for an undisclosed sum after putting the business up for sale on the open market.

The family is understood to be retiring from the business, but it is expected Musgrave will keep the 34-strong staff when they take over in the near future, while no immediate changes to the shop are expected.

Musgrave, which owns all Supervalu and Centra businesses, also acquired Donnybrook Fair in 2018 in a move towards more upmarket food retail outlets, products which are now supplied across Supervalu outlets.

It is understood some 70 per cent or more of its products are sourced in Ireland, and that is expected to continue when the change of ownership is complete.

In a statement Musgrave described McCambridge’s as a fantastic addition to the group which “aligns with our purpose of Growing Good Business”.

“McCambridge’s is internationally, nationally and locally acclaimed, and greatly admired by food lovers over many years,” it said.

“The store currently employs 34 people, all of whom will remain with the business as part of the transition to the Musgrave group. We look forward to working with them as part of the business integration process over the coming months.”

The McCambridge family says they believe the sale of the business is an “exciting development” and “one that will both secure employment and the shop’s future as part of a new chapter in the long history of McCambridge’s”.

“From one family business to another, we believe Musgrave’s values are strongly aligned to our own, and we look forward to watching the store thrive under new ownership.”

The McCambridge family thanked “all colleagues and suppliers, past and present, for their hard work and support”.

“We would like to thank our professional team of Cantwell Corporate Finance Ltd, Sheehan & Co Solrs, and Coll & Co. Finally, we would like to extend our appreciation to our customers for their loyalty through the years. We could not have run such a successful and long-standing business without them.”