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Wednesday July 16th 2008
Co-op finalises Somerfield deal for £1.57bn
Archived article dated Wednesday July 16th 2008
The Co-operative Group has agreed to buy rival Somerfield.
The Co-op said the £1.57bn purchase would strengthen its position in the UK retail market making it the UK's fifth biggest food retailer, with sales of about £8 billion and a market share of approximately 8 per cent.
It will also have more than 3,000 outlets.Co-op chief executive Peter Marks said the the acquisition would provide "rocket fuel" for the group's growth plans.
The Co op has 4,300 UK retail outlets, it employs 85,000 people. Somerfield has about 900 stores.
Tagged as: co op | somerfield
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