takeover Archives - Ireland's Forecourt & Convenience Retailer

Tesco to sell Joyce’s Oranmore over CCPC competition concerns

Linda Stewart — Wed, 08 Jun 2022 08:38:50 +0000

Tesco’s proposed takeover of the Joyce’s supermarket group in Galway has been cleared by the Competition and Consumer Protection Commission (CCPC), subject to the provision of a number of legally binding commitments.

These conditions include the sale of the Joyce’s outlet in the suburb of Oranmore, where there is a large Tesco outlet nearby.

“Tesco has also committed not to carry out any act which may have a significant adverse impact on the supermarket before its sale and, not attempt to acquire the business back for a period of time following its sale,” the CCPC said in a statement.

An independent monitoring trustee has been appointed to ensure there is compliance with the commitments.

Tesco said it will comply with the condition and will ensure that employees are supported during the transition.

The CCPC said that taking the commitments into account, it has determined that the proposed acquisition will not substantially lessen competition and can therefore proceed.

The CCPC launched a full probe of the proposed transaction in April amid concern it might lessen the number of competitors to Tesco in the Oranmore area.

“As we celebrate 25 years of Tesco in Ireland, the approval of this acquisition is an exciting opportunity to continue to grow our business for the future; bringing great value, quality and broad range of products and services to the customers and communities of Galway City and County,” said Natasha Adams, CEO, Tesco Ireland.

Tesco first entered the Irish market in 1997 and the takeover marks its first significant investment for a portfolio of supermarkets in Ireland during that time.

The Joyce’s supermarkets will be rebranded and designed as Tesco stores during 2022 on a phased basis.

Patrick C Joyce started the family business in Headford in 1951 with a small grocery store, before developing a general supermarket.

Pat Joyce took over the business in 1988 and since then nine more supermarkets have been opened in Knocknacarra, Athenry, Tuam, Inverin, Ballybane, Fr Griffin Road, Doughiska, Oranmore and Oughterard.

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CCPC opens phase 2 probe into Tesco’s deal with Joyce’s Supermarkets

Linda Stewart — Fri, 08 Apr 2022 09:25:30 +0000

Tesco’s proposed takeover of ten supermarkets owned by the Galway based Joyce’s group is to undergo a full phase two investigation by the Competition and Consumer Protection Commission (CCPC).

The CCPC said that following an extended preliminary investigation, it has determined that a full investigation is required in order to establish if the proposed transaction could lead to a substantial lessening of competition in the state.

“The CCPC will publish its Phase 1 determination no later than 60 working days after the date of the determination and after allowing the parties the opportunity to request that confidential information be removed from the published version,” it said.

The supermarkets currently operate under the Joyce family’s independent brand and will be rebranded and designed as Tesco stores on a phased basis, if the deal gets the go-ahead.

Joyce’s staff will also become Tesco Ireland employees if the deal completes.

Patrick C Joyce started the family business in Headford in 1951 with a small grocery store and then developed into a general supermarket. Pat Joyce took over the business in 1988 and since then nine more supermarkets have been opened in Knocknacarra, Athenry, Tuam, Inverin, Ballybane, Fr Griffin Road, Doughiska, Oranmore and Oughterard. The group employs more than 500 people.

Tesco Ireland has 151 stores nationwide and five in Galway and employs over 13,000 people in cities and towns around Ireland.

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Poundworld Saved by the Hendersons

Wendy McCague — Fri, 10 Aug 2018 10:41:46 +0000

Dublin based retailers the Hendersons are set to help salvage Poundworld’s store estate from administration. Poundworld was set to close its doors, leaving with it somewhat 6,000 employees across 337 stores.

The move has been welcomed by numerous industry workers. The Hendersons, who established a similarly named but unrelated Poundworld chain in the in the Republic of Ireland almost 40 years ago, have also agreed with administrators to buy the Poundworld brand name in the UK.

This, in the sea of acquisitions that are currently happening within the world of retail is welcomed news from those who thought the popular chain would vanish from our highstreets.

Speaking to the Irish Mirror David Henderson stated, “We are delighted to have agreed the purchase of Poundworld and we now look forward to bringing the company back to profit and provide current and new customers with an unrivalled product offering at low prices.”

The family said on Thursday afternoon that its offer for the “best and remaining” Poundworld stores in Britain has been accepted by administrators from Deloitte, which has shuttered close to 300 stores since the chain collapsed into insolvency in June.

It is understood that a deal between Deloitte and the Hendersons has been agreed in principle for between 35 and 50 stores, although the transaction has yet to be finalised. Deloitte have declined to comment thus far on proceedings.

Whilst speaking to the Irish Times last month, David advised that he wanted to “make Poundworld great again.” This means we may see a move away from traditionally cheap products, with more premium brands being stocked throughout the plethora of stores.

The stores that are currently expected to follow plans of shutting down for a brief period, with the idea being once everything is finalised they can re-open in several weeks’ time.

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