Sainsbury’s, the supermarket chain being targeted by private equity groups, proved its recovery was on track by reporting a ninth successive quarter of sales growth. Financial Times.
A private equity consortium of CVC, Kohlberg Kravis Roberts, Blackstone and Texas Pacific Group has been set a deadline of 13 April by the Takeover Panel to table its £11bn bid for Britain’s third biggest supermarket.
Sainsbury’s said it was continuing with its programme of store extensions, new store openings and refurbishments as part of the recovery plan.
It opened five supermarkets in the fourth quarter, two of which were replacement stores and one an acquisition, and completed two extensions. It also added five outlets to its chain of convenience stores, refurbished 11 supermarkets and introduced non-food products in another five.