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Asda confirms plans to acquire 132 convenience stores from The Co-op

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Asda has today announces it has agreed to acquire 132 sites from The Co-operative Group (“Co-op”) for £438m.

It’s estimated that the transaction has a total value of approximately £600m.

The supermarket giant has said the move is part of its growth strategy to move into the convenience market ‘and bring Asda value to more local communities’.

The purchase includes 129 established sites with a grocery retail store and attached petrol filling station.

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The transaction is subject to normal conditions and will be financed through a combination of existing cash resources and bank finance.

Asda rewards
(PHOTO: Asda)

2,300 colleagues currently employed in the Co-op stores will transfer to Asda’s employment under TUPE transfer following completion and after a transition period.

Mohsin Issa, Co-owner of Asda, said: “We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business, giving us the opportunity to bring Asda value in fuel and groceries to even more customers and communities across the UK.

“We see convenience as a significant growth opportunity for the business. This acquisition accelerates our strategy in this area and forms part of our long-term ambition to become the UK’s second largest supermarket.

“We look forward to welcoming the Co-op colleagues to this new part of our business after we complete the transaction and due processes in the coming months.”

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1 COMMENT

  1. this is good and bad news great news thatvasda is bringing value for money to our local communities but bad news in the sense that I’m assuming the Co op stores there taking over will be closing and the staff will have to look for new jobs unless the staff will automatically be transferred to the new asda store staff role

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