UK supermarket group J Sainsbury has reportedly entered exclusive talks over the purchase of TM Group, a UK convenience store and newsagent chain, for around £230m (US$427.6m).

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Sainsbury’s could announce a deal to buy the group, which owns Martins and Forbuoys stores, within a fortnight, reported the Sunday Times.


TM Group’s owners, Montagu Private Equity and Electra Partners, put the group up for sale in November 2002, the newspaper said.


The news comes less than a week after Sainsbury’s announced it had acquired Bells Stores, a chain of 54 convenience stores in northeast England.

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