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Finance & Stock Market News


Sainsbury buys five Somerfield stores

Tue, 26th Sep 2006 15:35


LONDON (AFX) - J Sainsbury PLC said it has agreed to buy five stores from
Somerfield for an undisclosed sum.

The supermarket chain said it expects the stores, which have an average size of 11,000 square foot, to be earnings enhancing in their first full year of operation. The five have a gross asset value of 5.6 mln stg, the company said.

The acquisition follows the purchase of four other Somerfield stores in August.

All five stores will reopen as Sainsbury's supermarkets as part of a phased programme expected to be completed by Christmas. All staff employed at the stores have the option to transfer to Sainsbury's under TUPE regualtions.

The new stores are in: Littlehampton, West Sussex; Peebles, Scottish Borders Pocklington, North Yorkshire; Yarm, North Yorkshire and South Shields, Tyne & Wear.

newsdesk@afxnews.com

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