Sainsbury’s has announced the acquisition of two dozen stores from The Co-operative Group in the latest deal to result from the Somerfield takeover.
The supermarket giant is taking over 22 stores under the Somerfield fascia as well as two Co-operative outlets for a combined £83m.
Sainsbury’s said it expects to incur costs of £45m on refurbishment of the sites, which total 236,000 sq ft of retail space. Nineteen stores will become part of the supermarket estate, with five to be branded as Sainsbury's Locals.
“These stores… are an excellent addition to our store estate and we are pleased to welcome 1,400 new colleagues to Sainsbury's,” said chief executive Justin King.
The stores will switch ownership in May, pending regulatory approval by the Office of Fair Trading.
The news comes during the week that the Co-op’s £1.57bn takeover of Somerfield was finally completed.