South Africa's SPAR plans to sell Swiss and UK retail businesses
HighlightsSouth Africa's SPAR Group is planning to sell its retail businesses in Switzerland and the United Kingdom after a strategic review of its European operations. The group is currently in exclusive talks with an unnamed established UK-based business regarding the sale of its UK operation, Appleby Westward Group. SPAR's Swiss business, which operates 300 stores, contributes approximately 16 billion rand ($899 million) to the group's turnover, while the South West England unit contributes around 6 billion rand.
South Africa's
SPAR Group
plans to sell its
retail businesses
in
Switzerland
and in the
United Kingdom
after completing a strategic review of its
European operations
, the retail and wholesale group said on Thursday.
The group, which owns several SPAR country licences of the Dutch SPAR group, has been trimming its
international operations
in order to "maximize the return on capital allocated". Last year it sold its loss-making Polish business.
The group said it was in exclusive talks with an established UK-based business over the sale of its UK operation
Appleby Westward Group
. The potential buyer, which SPAR did not name, was "well positioned to develop and grow AWG in South West England," it said.
In Switzerland, SPAR has been engaging established parties with extensive business interests in the region and experience in European
food retail and distribution
, it added.
"The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers," SPAR said.
The Swiss business, with 300 stores, contributes 16 billion rand ($899 million) to group turnover, while the South West England unit contributes 6 billion rand.
Internationally, SPAR will be left with
Ireland
, its biggest overseas business, and a joint venture in
Sri Lanka
.
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