Tesco Ireland's acquisition of McEvoys Eurospar Ltd has been cleared by the Competition and Consumer Protection Commission (CCPC). Terms of the deal have not been disclosed.
The acquisition of McEvoys, which operates a SuperValu at Virginia Shopping Centre in Co. Cavan, is Tesco's first since it acquired 10 units in Co. Galway from Joyce's Supermarkets in 2021.
Owned by Padraig McEvoy, McEvoys Eurospar Ltd brought in a turnover of €12.7m in 2023, up from €12.4m the previous year.
The company made an operating profit of €464,500, as compared to €438,900 in 2022, and has net assets of €2m.
McEvoys employs 56 people, including 52 general store staff and four in management and administration. In addition to operating the supermarket, McEvoys also leases adjacent retail units.
The 2023 account shows tangible assets of €5.2m, including land and building freeholds with a value of €4.3m. Additionally, the company has cash reserves of €1.1m.
Tesco currently has the second-largest share of the grocery market in Ireland at 23.6% behind Dunnes Stores (24.2%). It employs around 13,100 people nationwide.
The group has more than 180 stores in Ireland following the openings of outlets in Shannon and St James's Gate, Dublin 8, in recent months.
Tesco reported growth of 4.4% in trading for its third quarter and the Christmas period, with online sales rising 17.1%, driven by the launch of same-day Click & Collect and home delivery.
Tesco Ireland reported a turnover of €3.3bn and EBITDA of €231m in February 2024.
The CCPC said that the deal for McEvoys would not substantially lessen competition.
Photo: McEvoys SuperValu in Virginia, Co. Cavan. (Pic: Google Maps)
