Spar Group South Africa (Spar Group) has confirmed that the process to find a new owner for Appleby Westward Group (AWG) is “already underway”.
In a market update, the business said it also intends to divest from its business in Switzerland.
Spar Group said it is currently in exclusive negotiations with an established UK-based company that is ”well positioned” to further develop and grow AWG in the Southwest of England.
The decision has no immediate impact on AWG or Spar in the Southwest of England, with operations continuing as usual for its people, retailers, suppliers and customers, according to AWG.
It reflects a “strategic realignment” for Spar Group, as it aims to refocusing its efforts on future investments in its core home markets of South Africa and Ireland.
“AWG is a strong and attractive business for a new owner with great people, strong wholesale and logistics infrastructure and a long-established reputation and retail presence across the Southwest of England, where we have over 300 stores,” said Mike Boardman, managing director of AWG.
“A new owner will also be able to capitalise on the significant capital investment programmes implemented by AWG in recent years.
“For now, it remains business as usual for AWG and we look forward to giving our people and partners an update on our future plans and the process to find a new owner for the business upon completion.”
Based in Saltash, Cornwall, AWG has over 300 retail stores in the south west of England, of which 134 are owned stores.
Employing over 1,700 people, the company serves its retailers and wholesale customers through an established wholesale and logistics infrastructure.
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