HiVibes Posted October 9, 2023 Share Posted October 9, 2023 The government obviously had a heads up on this, probably the reasoning for a random food van at Chibbanagh. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 9, 2023 Share Posted October 9, 2023 1 minute ago, HiVibes said: The government obviously had a heads up on this, probably the reasoning for a random food van at Chibbanagh. Their own statement says they did. Quote Link to comment Share on other sites More sharing options...
WTF Posted October 9, 2023 Share Posted October 9, 2023 16 minutes ago, Two-lane said: I assume there is no Monopolies and Mergers Commission here. If there was, would this deal be in the frame? why ?? if you flipped the coin and said shoprite wanted to buy the single tesco shop to add to their already almost local monopoly would it be an issue ?? not much difference between on brand owning nine shops or ten , just seems to be what the brand is called that is getting a few folks riled , the loss of 60 office jobs , some of whom have been there for decades, is a different matter and a rather sad one. 1 2 1 Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted October 9, 2023 Share Posted October 9, 2023 53 minutes ago, NoTail said: I would expect the petrol suppliers to be worried as Tesco will have plenty of space to install pumps. But nowhere to ship the fuel in to. 1 Quote Link to comment Share on other sites More sharing options...
mollag Posted October 9, 2023 Share Posted October 9, 2023 The Nicholson group also own the Onchan precinct shopping mall, Tumbleweed Town to some, wondering if that white elephant will get a new colour 🤔 Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 9, 2023 Share Posted October 9, 2023 6 minutes ago, WTF said: why ?? if you flipped the coin and said shoprite wanted to buy the single tesco shop to add to their already almost local monopoly would it be an issue ?? not much difference between on brand owning nine shops or ten , just seems to be what the brand is called that is getting a few folks riled , the loss of 60 office jobs , some of whom have been there for decades, is a different matter and a rather sad one. 60 people with skills and jobs other employers likely crying out for. Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 9, 2023 Share Posted October 9, 2023 14 minutes ago, Billy Bleach said: You’ve just made that up. Where has any mention of the leases being the only consideration made? Not totally made up, just some reasoned analysis, which may, or many not, be on the money. There is no mention of any consideration in the media releases that I have seen. Not even a statement such as 'the value of the deal was not disclosed' . The only aspect which is mentioned is that Tesco have agreed to lease the nine stores for 21 years. So that'll be a a nice income stream for the Shoprite parent well into the future. Maybe they are also paying a cash sum, but there's no mention of it. And what exactly do Shoprite have to sell? The locations; the local footfall; a ready made workforce; the potential to create a near monopoly; the footprint to deter competition. Nothing very tangible, and all that potential will require significant new investment. Before today's announcement, several posters had suggested that Shoprite was struggling - perhaps even a distressed business. Was that true? I don't know. But their biggest store always looked pretty quiet. Tesco will have very good negotiators. I'll be surprised if they are parting with any cash here. 1 1 Quote Link to comment Share on other sites More sharing options...
mollag Posted October 9, 2023 Share Posted October 9, 2023 2 minutes ago, Ringy Rose said: But nowhere to ship the fuel in to. In the dim distant past, Shoprite owned the land patch behind the Breakwater, they constructed a fuel depot there, a knife to the throat for shell etc, after argy bargy, their plans to import fuel were shelved and preferential prices granted for supply of fuel by the local fuel firms. maybe this is still a goer or preferential prices will continue. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 9, 2023 Share Posted October 9, 2023 Personally I want to see Tescos F&F clothing here with all this. 1 Quote Link to comment Share on other sites More sharing options...
Manxman1234 Posted October 9, 2023 Share Posted October 9, 2023 2 minutes ago, mollag said: In the dim distant past, Shoprite owned the land patch behind the Breakwater, they constructed a fuel depot there, a knife to the throat for shell etc, after argy bargy, their plans to import fuel were shelved and preferential prices granted for supply of fuel by the local fuel firms. maybe this is still a goer or preferential prices will continue. So where is this fuel depot now? Did they really spend millions to then not use it? Makes zero sense 1 Quote Link to comment Share on other sites More sharing options...
HiVibes Posted October 9, 2023 Share Posted October 9, 2023 2 minutes ago, NoTailT said: Personally I want to see Tescos F&F clothing here with all this. Superb, just need a Greggs and you will be golden. 1 Quote Link to comment Share on other sites More sharing options...
Millman Posted October 9, 2023 Share Posted October 9, 2023 (edited) 21 minutes ago, NoTailT said: 60 people with skills and jobs other employers likely crying out for. I hope you are right. Many of the head office staff have been with the company for many years and quite a number are around or over 50. Lets hope the job market is accodating to their needs and skills and everyone is quickly able to find new work. It is really sad to see yet another unique to the island brand go. These brands, all be they far from perfect, are part of our distintive culture. Without doubt without them the Island looses just a little of its sparkle thats makes here so indivdual. My thoughts also go out the many local suppliers that partner Shoprite. I doubt if all of them will find a home with Tesco. Despite the shiny words of the Cheif minster I think the fall out from this decision will be hard felt in quite a few places and may lead to further consequences. I just hope this is not the case. Good luck to all those affected. Edited October 9, 2023 by Millman 5 Quote Link to comment Share on other sites More sharing options...
Nellie Posted October 9, 2023 Share Posted October 9, 2023 (edited) 20 minutes ago, Billy Bleach said: Ok so that says that they have sold the business for which they would have been handsomely paid but Isle of Man Enterprises have kept the properties which they will lease back to Tesco for 21 years. But no where has it been said that the lease deal is all they got. They will have got a good multiple for the business on top and the Nicholson’s get a nice tail end on the stores as landlord. You're making stuff up now. How do you know Shoprite was trading profitably? Why would Tesco pay a multiple if they weren't? In the absence of any official information, my hypothesis is just as valid as yours. Edited October 9, 2023 by Nellie 1 Quote Link to comment Share on other sites More sharing options...
NoTailT Posted October 9, 2023 Share Posted October 9, 2023 7 minutes ago, Nellie said: You're making stuff up now. How do you know Shoprite was trading profitably? Why would Tesco pay a multiple if they weren't? In the absence of any official information, my hypothesis is just as valid as yours. My instinct tells me that Tesco will have made this move to protect market share more than anything, as I have no doubt there would be other interested parties. Quote Link to comment Share on other sites More sharing options...
emesde Posted October 9, 2023 Share Posted October 9, 2023 Be ironic if we have more Tesco branches here per 100,000 population than anywhere in the UK and still can't get a Tesco credit card. 🙄 2 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.