CORK retail group Musgrave is targeting a return to profit this year, after agreeing to sell its loss-making British business.
The company – which owns supermarket chain SuperValu in Ireland – posted a net loss of €13 million for 2014 on sales of more than €4.6 billion.
The group’s Chief Executive, Chris Martin said that the sale of the British arm of the business has been agreed, and that he expected it to now thrive.
“With the transformation well progressed and given the strong position of our brands, the business is now on track to return to profit in 2015,” he said.
Musgrave is planning to establish a partnership with British wholesale company Booker, the group that has agreed to buy its Budgens and Londis brands.
Whilst the deal is in place, it is dependant on regulatory approval and the Competition and Markets Authority in London.
The group’s net losses were reduced by €100m during 2014 to just €13m.
Mr Martin said Musgrave aims to grow the company’s finances by taking over the market share from its competitors, as sales in the grocery industry are growing by only about one per cent annually.
In addition to agreeing a deal over its British business, the group refocused its brands in Ireland, including Daybreak and Mace.
Musgrave recently entered the travel insurance market, and furthered its plans to launch a mobile phone service in co-ordination with an existing network operator.
