South African retailer Pick n Pay has reportedly held talks with international retailers over the possible sale of a stake in the company.
According to a report in South African publication Business Live, Pick n Pay has held talks with Australian grocer Woolworths Ltd and Dutch retailer Ahold, with a view to one of the parties taking a stake in the business.
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A Pick n Pay spokesperson told just-food today (27 March) that the group “prefers not to comment on rumour or speculation in the market”.
However, he added: “We frequently engage with a wide variety of international retailers for strategic reasons, and equally frequently exchange information where we can learn from each other. This will continue.”
Pick n Pay has faced a turbulent time of late. Long-serving CEO Nick Badminton announced he was stepping down last month. The news of Badminton’s departure comes at a time when the group has come under increasing financial pressure, with headline EPS almost halving in the first six months of the current fiscal year, despite rising sales.
Ahold declined to comment on the report and Woolworths was unavailable for comment at time of press.
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