South Africa's SPAR to exit UK with South West England disposal

JOHANNESBURG, May ​18 (Reuters) - ⁠South African grocery retailer ​SPAR Group said on Monday it will ​exit ‌the UK by selling its South West ⁠England business to A.F. Blakemore & Son ⁠and disposing of ​a further 63 stores in deals worth about 13 million pounds ($17.41 million).

* AFB ​will ‌acquire the South West England SPAR licence, 71 stores, associated warehouse and logistics infrastructure and related independent retailer supply ​agreements.

* 63 more stores are being ‌sold to third-party operators.

* Total gross proceeds of about ‌13 million pounds from deal.

* SPAR previously recognised a 78.5 million euro impairment relating ​to the UK business and no cash outflow ‌is expected.

* "The disposal enables a clean exit from the United Kingdom, eliminating ongoing ⁠earnings ⁠drag and management distraction, while ‌releasing capital and capacity to focus on core markets ​and ​strategic priorities," SPAR said.

* ‌Completion is expected between June and September 2026.