Tesco has today made a surprise announcement that it plans to take over the ten Joyce’s supermarkets stores in Galway.
Tesco said that the ten Joyce’s stores will be rebranded and designed on a phased basis over the course of 2022.
The current employees at Joyce’s will be “welcomed as colleagues of Tesco Ireland” according a statement, and the chain also said that it will be engaging with suppliers to the Joyce’s business.
The merger deal is subject to the approval of the Competition and Consumer Protection Commission (CCPC).
Commenting on the announcement, Tesco Ireland CEO Kari Daniels said “I am really pleased that we’ve reached agreement with Joyce’s Supermarkets and look forward to bringing Tesco to more communities in Galway in the year ahead.
“This agreement provides a great platform for us to bring our value, quality and range of products to more customers, and to bring our Grocery Home Shopping service to more locations in the west of Ireland.”
This acquisition would mark the first major investment in a portfolio of stores in Ireland since first coming to the Irish market in 1997.
The Joyce family will retain full ownership and control of their other business interests under this deal.
Managing Director of Joyce’s Supermarkets Pat Joyce said that they “carefully considered” the offer by Tesco, and are pleased to pass on the businesses to an established brand in Ireland.
“I wish to express our gratitude for the loyal support of our staff, suppliers and customers and I would like to sincerely thank them for being part of our journey over many years.”
“Should this acquisition be approved, I believe the move will be of significant benefit to them, and I would look forward to continuing our work well into next year as part of a transition period.”