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April 12, 2010

IRELAND: Superquinn cools takeover talk

Irish food retailer Superquinn has again moved to quell long-running rumours that the company is a potential takeover target for multinational retailers, including Tesco and Asda.

Irish food retailer Superquinn has again moved to quell long-running rumours that the company is a potential takeover target for multinational retailers, including Tesco and Asda.

A spokesperson for the group confirmed today (12 April) that the company has not engaged in talks over a potential takeover.

“We have not entertained any discussions over a possible sale,” the spokesperson said.

Superquinn’s comments echo those made by chief executive Simon Burke, who insisted that the financial difficulties of some of the group’s heavily indebted owners – including developer Jerry O’Reilly, property consultants David Courtney and Bernard Doyle, and hotelier Terry Sweeney – have had “no impact” on the retailer’s business.

In an interview with The Irish Times, Burke said that the financial status of Superquinn owner Select Retail Holdings’ shareholders has had no impact on the retailer.

“Their financial arrangements are their own business, I don’t inquire into them. They have no effect on our banking either,” he said.

As a private company, Superquinn does not publish its financial reports. However, Burke insisted that the business is performing well.

“We’re not losing money, in fact we’re better than we thought we would be,” he said.

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