Iceland grows from Co-Op Acquisition

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Monday Jul 14
Iceland grows from Co-Op Acquisition

Manchester-based Co-op is expected to announce that it will buy Somerfield for a rumoured Ł2billion later this summer. However, it will have to off load some of them due to competition laws and because they don’t fit the typical convenience format. This leaves the door open for other supermarkets to buy into the deal.

Revelations earlier this year suggested that the four big supermarkets were looking to buy some of these stores, and now Iceland executive Malcolm Walker has said he is also interested.

Last year, Iceland opened 10 stores, and Walker said he wants to top that this year. “It’s difficult finding stores, so if we can buy a batch of between 20 and 30 of the Somerfield shops, then we would definitely look at that,” he told the industry newspaper Retail Week.