Tesco acquires Polish chain

20-07-2006

Tesco acquires Polish chain
Supermarket giant Tesco has expanded its interests in Poland after buying the country's Leader Price chain for £72 million.

Leader Price, whose convenience stores netted £167 million worth of sales last year, was sold by its French owner, Casino, in a deal which Tesco said was "good news for Polish shoppers, suppliers and employees".

"Convenience, low prices, service and quality have become the hallmark of Tesco in Poland and we look forward to bringing these benefits to more communities," commented Kevin Grace, chief executive of Tesco's Polish operations.

Since entering Poland in 1995, the grocery specialist has developed more than 100 stores in Poland with a view to expanding its businesses further into eastern Europe.

Tesco now employs more than 20,000 people in the country and has integrated itself into the Polish economy by working with over 1,500 local suppliers.

Results released by Tesco last month showed a fourth-quarter five per cent increase. It continues to dominate the British market, controlling 31.1 per cent according to a recent TNS survey.

Although progressing erratically since the release of its last quarter results, Tesco's overall share price on the London stock exchange has risen by 20 points in the last three weeks.

Tesco's shares responded negatively to today's announcement, falling by 0.29 per cent in early trading this morning.

Related categories: Management / Business, International / Overseas, Retail / Wholesale.


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