SuperValu and Centra owner Musgrave Group has acquired the family-owned fine food shop and Galway institution McCambridge's for an undisclosed sum.
The award-winning deli, restaurant and wine shops first opened in 1992, and managing director Eoin McCambridge and sisters Norma and Natalie McCambridge, the grandchildren of founder George McCambridge, have agreed to sell the company to the wholesaler and grocery giant.
The family had put the business for sale on the open market, and it is believed they are planning to retire. Musgrave is expected to retain the current staff of 34 when it takes over with no immediate changes to the business.
In a statement, Musgrave described McCambridge's as as a "fantastic addition" to the group which "aligns with our purpose of Growing Good Business". Musgrave previous acquired the upmarket grocery chain Donnybrook Fair in 2018.
"McCambridge’s is internationally, nationally and locally acclaimed, and greatly admired by food lovers over many years," the statement continued.
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"The store currently employs 34 people, all of whom will remain with the business as part of the transition to the Musgrave group. We look forward to working with them as part of the business integration process over the coming months."
The McCambridge family said they believe the sale is an "exciting development" that will secure the future of the shop and its staff.
"From one family business to another, we believe Musgrave’s values are strongly aligned to our own, and we look forward to watching the store thrive under new ownership," they added.
"We would like to thank our professional team of Cantwell Corporate Finance Ltd, Sheehan & Co Solrs, and Coll & Co. Finally, we would like to extend our appreciation to our customers for their loyalty through the years. We could not have run such a successful and long-standing business without them."
Eoin McCambridge was the majority owner of McCambridge's, holding a 66% stake in the business, with Norma (24%) and Natalie (10%) owning the remaining shares.
Furbo Sandfield Ltd, the McCambridges' holding company, held net assets of €902,000 in January 2021. Employee numbers fell from 78 to 54 (49 in selling and restaurant; five directors) year-on-year, resulting in a reduced wage bill of €677,000 with director remuneration of €73,000.
Musgrave now owns 11 food and beverage brands and reported turnover of €4.5bn for 2021, which earnings of €163.7m. It was advised on the acquisition by KPMG and Eversheds.
