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Arena Magazine 2005 Issue 6 November December |
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Superstore saga nears completion
The UK's fifth largest supermarket group has been sold to a business consortium for more than £1 billion.
Somerfield has been the target for a number of would-be buyers in a long-running saga stretching back to April 2003.
In mid-October only one serious bidder remained. Led by property tycoon Robert Tchenguiz, and backed by private equity firm Apax Partners and investment bank Barclays Capital, their offer has been accepted by the Somerfield board.
Somerfield operates more than 1,300 stores and employs around 59,000 staff under its own and the Kwik Save fascias.
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