Musgrave’s model growing UK sales

Sales by the group which owns Musgrave Retail Partners GB were down 1% to euro;4.8bn in the year ended December 31 2008.

However, Musgrave Group pointed out that the results had been affected by the strength of the Euro against Sterling and at constant exchange rates sales would have been up 5%. Profit before tax was down 20% to euro;75.5m.

Commenting on the UK results, Chris Martin, group chief executive, Musgrave, said: “The uniqueness of our business is making real progress in the UK. Our UK retail brands performed well in 2008 with more than 2,400 stores owned and operated by independent retailers.

“Clearly our business model is taking hold in the UK and is responding well to the changing needs of the consumer.

“With the recent acquisition of an additional 13 Somerfield convenience stores that are in the process of being sold to independent retailers and the successful integration of Mace into our Northern Ireland Features > Business, we are continuing to invest and grow in that market.”

In the UK, Budgens, Londis, SuperValu, Centra and Mace in Northern Ireland achieved total retail sales of pound;2.4bn, up 7.3%. Sales in its cash and carry business in the Republic of Ireland and Northern Ireland were flat.

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