Musgrave Group, which operates the SuperValu supermarket franchise, has moved to acquire three SuperValu outlets owned by Caulfield Supermarket Unlimited Company.

The stores are in Bandon, Kilkenny and Waterford, and the proposed deal includes store properties and management companies at the Riverside Shopping Centre in Bandon, the Loughboy Shopping Centre in Kilkenny, and the Hypercentre Shopping Centre in Waterford.

Caulfield Supermarket UC is one of 12 subsidiaries of Caulfield McCarthy Group Retail Ltd, which is a subsidiary of an offshore company in Jersey.

The group holding company had turnover of €58m in the year to March 2021 and booked an operating profit of €2.2m. Interest payment on borrowings in FY21 amounted to €1.7m, and the net profit for the lockdown-impacted period was €130,000.

In March 2021, Caulfield McCarthy Group Retail Ltd had a deficit in shareholders’ funds of €100,000.

In Association with

Balance sheet assets were €39m and total liabilities were €43.9m, according to filed accounts.

The company’s debts included shareholder loan notes provided by John McCarthy (€7.5m), Anne Marie Caulfield (€7.6m), Thomas Caulfield (€7.6.m) and Jerome Kennedy (€0.9m).

Bank debt with AIB in March 2021 was €19.6m.

In 2014, the IBRC appointed receivers appointed to a number of property companies in the Caulfield McCarthy group associated with the shopping centres in Waterford, Bandon and Loughboy.

The centres had been developed with funding from Anglo Irish Bank.

Musgrave Group, led by CEO Noel Keely, has notified the proposed takeover to the Consumer and Competition Protection Commission.

In other deals this year, Musgrave has acquired Italicatessen and Galway deli McCambridge’s.

Photo: Noel Keely, CEO of Musgrave Group