Appleby has advised Tesco Stores Limited on its acquisition of all nine supermarkets operated by Shoprite (Isle of Man) Limited in the Isle of Man.
Tesco, the UK’s largest grocery retailer, has operated a store in the Isle of Man for 23 years. Shoprite has for many years been the Isle of Man’s largest supermarket chain, and this deal will take the number of Tesco stores on the island to 10 and is expected to result in the creation of roughly 120 new jobs. The first two rebranded stores opened recently, and the remaining stores are being rebranded on a rolling basis.
The Appleby team was led by Garry Manley and also included Kyle Sutherland, Keira Gore, Melissa Wong, Phillip Cronje, Ruby Agate and Josephine Bell.
Garry Manley, the head of Appleby’s Isle of Man corporate team, said: “We are delighted to have assisted Tesco with this transformational acquisition of a well-known local business. Supermarket acquisitions are rare in small island jurisdictions, so our multidisciplinary team was required to advise on a number of novel and complex issues.
Tesco’s expansion on the Isle of Man is already bringing considerable benefits to the local community, including the expansion of its community programmes, Tesco Stronger Starts and Community Food Connection, which support charities and community groups across the island. We have also seen the introduction of the popular F&F clothing brand and the installation of a Changing Places toilet at the newly-reopened Victoria Road store.
It’s great to see how many fantastic local suppliers now have their products stocked in Tesco’s Isle of Man stores, and we wish the Tesco team every success as they continue the rebranding process.”
