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Musgrave's robust performance
Musgrave's network of independent convenience stores has contributed towards a good set of annual results
With more than 2,200 convenience stores now in its UK portfolio, and group turnover up 17% to 4.4 billion euros, the Irish-based Musgrave group is confident about its future success.
Announcing is annual results for the year ending 31 December 2005, Chairman Hugh Mackeown, said: Our vision for the future is to strengthen our core business, while continuing to grow trade outside of Ireland through consolidation in the UK. Our objective is to bring real demonstrable value to consumers through our network of independent retailers and their location of stores, range and value of products."
With each of Musgraves five divisions all recording an increase in turnover, its the Musgrave, Budgens Londis division which many in UK retail trade are watching.
2005 saw the first full year of trading of the Londis business acquired in 2004 as it was combined with the Budgens business to form Musgrave Budgens Londis (MBL).
According to Mackeown, during 2005 MBL made good progress in seeking progressive independent retailers to take ownership of company-owned Budgens stores. At the end of the year, there were 131 company-owned Budgens stores, 80 independently-owned Budgens stores and in excess of 2,050 independently-owned Londis stores.
The combination of Budgens and Londis has annualised retail sales of £1.8 billion and is now being supported by a major programme of investment in supply chain and systems, to be rolled out over the next several years.
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