Tesco Ireland has today announced the acquisition of ten Joyce’s Supermarkets retail stores based in Galway. The acquisition is subject to the approval of the Competition and Consumer Protection Commission (CCPC ).
The supermarkets currently operate under the Joyce family’s independent brand and subject to CCPC approval, will be rebranded and designed as Tesco stores throughout 2022 on a phased basis.
The stores will offer Tesco’s branded and own-brand products and will include a range of services and supports such as Grocery Home Shopping, Click & Collect, F&F clothing and homeware, as well as the Tesco Community Fund.
Joyce’s’ employees in these stores will be welcomed as colleagues of Tesco Ireland where they will be supported to continue and grow their careers at Tesco. As part of its commitment to Irish agri-food, Tesco will be engaging with suppliers to the Joyce business to identify and develop opportunities.
Since Tesco first entered the Irish market in 1997, it has continued to grow its store footprint - investing in communities nationwide, leading the market in online grocery retail, and expanding its distribution network around Ireland. This acquisition will mark the first significant investment by Tesco in a portfolio of stores in the Republic of Ireland during that time.
Commenting on the announcement, Tesco Ireland CEO Kari Daniels said the deal is part of the company’s strategic ambition to bring its quality and value to more customers:
“I am really pleased that we’ve reached agreement with Joyce’s Supermarkets and look forward to bringing Tesco to more communities in Galway in the year ahead – this agreement provides a great platform for us to bring our value, quality and range of products to more customers, and to bring our Grocery Home Shopping service to more locations in the west of Ireland.
"Pat Joyce, the management and wider team at Joyce’s Supermarkets have built a fantastic business over many years and there are great aspects of the Joyce business that can complement our Tesco offering. We look forward to welcoming Joyce’s’ colleagues and customers to Tesco and engaging with suppliers and the wider community in Galway, subject to CCPC review, as soon as possible.
"We’re especially pleased to have reached this exciting milestone as Tesco approaches 25 years operating in Ireland. During this time, we’ve focused on creating good, local jobs, supporting local suppliers, and giving back to our communities – we look forward to continuing in this vein as we expand through this acquisition in Galway," she said.
Pat Joyce, Managing Director of Joyce’s Supermarkets said it was a historic moment for his business:
“We have carefully considered the opportunity and are very pleased to pass our business on to an established brand in Tesco that promotes quality and excellence across its business, and which has an established presence in the Irish market. I wish to express our gratitude for the loyal support of our staff, suppliers and customers and I would like to sincerely thank them for being part of our journey over many years. Should this acquisition be approved, I believe the move will be of significant benefit to them, and I would look forward to continuing our work well into next year as part of a transition period.”
The Joyce family will retain full ownership and control of their other business interests.
