Tengelmann takes total control of Iberian units
of its Iberian subsidiaries Supermercados Plus after finally buying
out its long term partner, businessman Juan Abello.
Tengelmann, the German retail group, has taken 100 per cent control of its Spanish and Portuguese subsidiaries after acquiring a 40 per cent stake in the business from Torreal, the investment group owned by Spanish businessman Juan Abello.
Plus Supermercados operates 200 outlets in Spain and 20 in Portugal, and the acquisition of the outstanding shares by Tengelmann means that all its Plus operations throughout Europe are now wholly owned.
"We are extremely grateful to Juan Abello for our start on the Spanish market. The support and knowledge of the Spanish market provided by Torreal were crucial for the good development of the company," said Tengelmann in a statement.
"We are proud and happy to have been involved with the expansion of the business in Spain and Portugal. Over the last 10 years, we have taken a business which began with nothing to the point where it will soon reach breakeven. During that time, Plus Supermercados has become firmly established in the Spanish retail sector," said Torreal.
This steady growth is likely to continue now that Tengelmann has taken 100 per cent control of the business. The company said it planned to treble the number of stores in Spain and Portugal over the next eight years.
Sales this year are expected to be €500 million, while the business should finally make it into the black. Last year, sales were €457 million and losses reached €3.9 million.
