26th Sep 2006 14:06
Sainsbury(J) PLC26 September 2006 26th September 2006 SAINSBURY'S ACQUIRES FURTHER STORES FROM SOMERFIELD Sainsbury's has agreed to acquire five stores from Somerfield, three of whichare freehold, with an average size of 11,000 sq ft and a gross asset value of£5.6m. It is anticipated that these stores will be earnings enhancing in theirfirst full year of operation. The new stores are in: • Littlehampton, West Sussex • Peebles, Scottish Borders • Pocklington, North Yorkshire • Yarm, North Yorkshire • South Shields, Tyne & Wear This latest acquisition adds to the four Somerfield stores that were previouslyacquired in August this year, as part of Sainsbury's strategy to accelerate itsstore development programme. Darren Shapland, Sainsbury's chief financial officer said, "We are activelyseeking new sites to accelerate our store development programme under theleadership of our property director Peter Baguley. We believe our commitments tofood, quality and the wider community are helping to set us apart from otherlarge retailers when seeking and developing sites. "We are also looking forward to introducing Sainsbury's great product range andservices to new areas and customers as well as welcoming 305 new colleagues toSainsbury's." All five stores will reopen as Sainsbury's supermarkets as part of a phasedprogramme expected to be completed by Christmas. All Somerfield colleagues willbe given the opportunity to join Sainsbury's and those who choose to do so willtransfer to Sainsbury's under TUPE regulations. Ends For enquires: Investor Relations MediaLynda Ashton +44 (0) 20 7695 7162 Parveen Johal +44 (0) 20 7695 7043 Notes 1. Sainsbury's currently has 756 stores in total: 455 supermarkets and 301 convenience stores. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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