Simon Burke leads Superquinn takeover
Irish supermarket chain sold to consortium
Irish supermarket chain Superquin has been sold to a private consortium headed by former Hamleys boss Simon Burke, ending more than 40 years of ownership by the Quinn family.
Select Retail Holdings, a new company backed by a group of private Irish investors, has agreed a a deal to acquire the entire share capital of Superquinn. The consortium is reported to be paying €350m for an 80 per cent stake, with the Quinn family an investor in Select Retail, and founder Feargal Quinn taking on the role of President.
Quinn founded the business in 1960, with Superquinn now operating around 20 large format stores and a recently launched smaller format, Suerquinn Select. Senator Quinn said the decision to sell was taken to safeguard the long-term future of the business in the face of increased competition in the Irish retail grocery market. The new owners plan to grow the business, focusing particularly on the acquisition of new sites.
Burke, a partner in Select, will become executive chairman of Superquinn. He was chairman of Hamleys from 1999 to 2003, an prior to this pent 12 years as CEO of Virgin’s retail and entertainment businesses. He will move back to Ireland and work full-time for Superquinn.
The buisness will continue to trade under the Superquinn and Superquinn Select brands, with the existing shop and support management team staying with the company.
Senator Quinn said: “Down the years we have never been short of suitors, but our strong wish has always been to stay independent of the multinational players and to keep control of the business here in Ireland.
“This deal not only does all that, it also paves the way for a strong new future for the unique offering to customers that we have pioneered so successfully for over 40 years.”
Burke said: “Everyone is aware that current trading conditions are tough in Ireland. The growing influence of the multinational retailers as well as a strong local sector means that everyone has to fight hard for every customer.
[img r]Superquinnint.jpg[/img]”Under Feargal Quinn Superquinn grew into a world class retailer with a deserved reputation for quality and customer care. My aim is to build on this reputation and grow Superquinn’s business. The brand and the shops are well placed to take advantage of the increasing demands of a more discerning customer.”
The Irish grocery market was shaken up by the arrival of Tesco, which acquired the Quinnsworth and Crazy Prices chains 1997. Tesco Ireland is now the Republic’s largest food retailer in with more than 80 stores.
