The Spar Group (TSG), the South African company that owns 80% of BWG Foods, revealed that it will seek to buy the remaining 20% of the Irish food company for 1,216.2 million Rand (€75 million).
According to the Irish Times, Leo Crawford, chief executive of BWG, John Clohisey, the group’s property director and John O'Donnell, finance director, are set to share the €75 million windfall which will be spread out over the next few years.
The BWG directors will see TSG’s first payment in December of next year, with the rest due in 2020 and 2022.
It was agreed in 2014 when TSG first invested in BWG that the South African group would acquire the remaining shares under a pre-packaged pricing formula that depended on future profits.
TSG released on Wednesday its preliminary summarised results for the year, ended 30 September, where it revealed that the BWG Group reported a turnover growth of 4.2% to €1.5 billion.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
