Asda has confirmed that the Office of Fair Trading will not refer its acquisition of Netto’s UK operations to the Competition Commission.
The announcement came today (9 March) as the retailer said it plans to add a further 21 stores – some 550,000 square feet – to its network this year – beyond the 147 outlets and 1.2m square feet added through the Netto acquisition.
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The retailer said the 168 new stores to be added this year would make this the “largest single year of growth in its history”.
Beyond the 147 Netto outlets, which average 8,000 sq ft in size, the new stores will include seven Asda Superstores, four Asda Living outlets, 10 Asda superstores and plans to extend five existing Asda premises.
As part of the plans, Asda entered into an agreement last week to acquire six stores from Focus DIY, which will be converted into Asda Supermarkets, pending planning consents.
As part of the OFT’s approval of the Netto deal, Asda must sell off some 47 outlets, with the retailer announcing in January that it has already sold some 39 of the outlets.
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By GlobalDataThe first converted Netto stores – in Worksop, Wakefield and Stainforth, will open in May.
