Superquinn has confirmed reports that it is not looking to sell the business.

A spokesperson for the Irish retailer confirmed a report in today’s (9 May) Irish Examiner that said the chain is instead focused on implementing its recently-approved business plan.

According to the report, local rival Musgrave recently made an approach to buy Superquinn.

There has also been recent speculation that Superquinn’s owners, Select Retail Holdings, have approached a number of rival retailers and finance houses to ask if they would be interested in taking over the chain.

However, The Irish Examiner said Superquinn’s board is opposed to an immediate sale of the company, but claimed the retailer’s prospects hinge upon the attitude of Superquinn’s banking consortium of AIB, Bank of Ireland and Danske Banks. The banks are believed to be owed some EUR250m (US$356.8) by Select Retail Holdings.

Musgrave declined to comment on the reports.