Connect with us

Hi, what are you looking for?

NewsTimes.co.ukNewsTimes.co.uk

UK NEWS

Tesco to buy Budgens and Londis owner, Booker Group

The UK’s biggest supermarket group, Tesco, has agreed to buy UK’s biggest food wholesaler, Booker Group, in a £3.7bn deal.

The firms said the deal would create the “UK’s leading food business”.

They added that combining the companies would bring benefits for “consumers, independent retailers, caterers, small businesses, suppliers, and colleagues”.

Under the terms of the deal, Booker shareholders will end up owning about 16% of the combined group.

“Tesco has made significant progress in turning around our UK retail business,” said Tesco chief executive Dave Lewis.

“This merger with Booker will further enhance Tesco’s growth prospects by creating the UK’s leading food business with combined expertise in retail, wholesale, supply chain and digital.

“Wherever food is prepared and eaten – ‘in home’ or ‘out of home’ – we will meet this opportunity with the widest choice and best service available.”

Speaking to the BBC’s Today programme, Mr Lewis said he believed the deal would not face a challenge from competition authorities, as the deal would not result in Tesco owning any more stores.

Advertisement. Scroll to continue reading.

He dubbed the deal a “low risk” merger.

Mr Lewis said rising prices from suppliers had played no part in the decision to sign the deal.

Read more at BBC.co.uk

You May Also Like

UK NEWS

Professing to be the lead in Thai relationship with over 1.5 million enrolled single people, Cupid Media’s ThaiCupid brings the one in every of...

WORLD NEWS

An exclusive article form Orestis Karipis In the 1930’s and 1940’s acid was the weapon of deceived husbands and wives in the Western world...

UK NEWS

Read more about switzerland women here. Swiss ladies and men are not reknown for being the most chatty, outgoing or spontaneous when meeting strangers...

FOOD TIPS

In food, if there is one thing you can say without fear of contradiction, it is this: Britain loves burgers. The UK market is...

Copyright © 2020 NewsTimes.co.uk All Rights Reserved