Tesco buys UK's largest food wholesaler Tesco buys UK's largest food wholesaler | RetailDetail

Tesco buys UK's largest food wholesaler

Tesco buys UK's largest food wholesaler

Tesco, the UK’s biggest supermarket chain, is set to acquire Booker, the UK’s largest food wholesaler for 3.7 billion pounds (4.3 billion euro).

“Enhance growth prospects”

Over the past few years, Tesco has mainly been trying to steady the ship after an accounting scandal left it in financial turmoil. CEO Dave Lewis was forced to make some hard choices, selling activities abroad and accepting huge losses to put the annus horribilis behind it.

 

In late 2015, it managed to outperform expectations and the company has doubled down on its efforts to turn around its UK retail business and maintain its competitive edge. It has now acquired the Booker group, the country’s largest food wholesaler and owner of several brands including convenience store chains Londis and Budgens.

 

The acquisition will hand Booker a 16 % share in the combined group, while its chief executive Charlie Wilson will join Tesco’s board and executive committee. "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”, Tesco CEO Dave Lewis said. Booker’s CEO, Charlie Wilson, believes that “joining forces with Tesco offers the potential to bring major benefits to end-consumers, our customers, suppliers, colleagues and shareholders."

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Starbucks dumps plastic straws worldwide

12/07/2018

American coffee company Starbucks will ban plastic straws in their stores starting from 2020. A small step for coffee enthusiasts, but a big step for the environment, as the coffee giant uses about a billion straws every year.

AB InBev joins forces with Efes in Russia

12/07/2018

In order to counter the decline of their success on the Russian market, Belgian beer giant AB InBev has placed its activities in Russia in a joint venture with Turkish Anadolu Efes.

Jumbo appoints new head of Belgian branch

11/07/2018

Dutch Jumbo Groep Holding has made a management reshuffle, with Peter Isaac becoming the new managing director of the group's Belgian branch. Bart van den Nieuwenhof meanwhile is set to leave the group's restaurant chain La Place.

Snacks boost Pepsico’s sales

10/07/2018

Snack and beverage giant Pepsico has recorded a slight revenue growth of 2.4 % in the second quarter of this year. Net profit however went 14 % lower, due to rising taxes.

Ahold Delhaize changes management in Greece and Romania

09/07/2018

Ahold Delhaize has announced two changes to its management team in Europe: Vassilis Stavrou becomes Brand President of Alfa Beta in Greece. He succeeds Leonidas Vrettakos, who is retiring after 21 years with the business.

Tesco and Carrefour to join forces

02/07/2018

Brexit or no Brexit, British Tesco and French Carrefour have joined forces for the purchases of both A-brand products and private labels. Service suppliers too will face a united front from now on.