Sainsbury's is to acquire five stores from Somerfield, three of which are freehold, with an average size of 11,000 sq ft and a gross asset value of £5.6 million.
The new stores are in Littlehampton, West Sussex; Peebles, Scottish Borders; Pocklington, North Yorkshire; Yarm, North Yorkshire and South Shields, Tyne & Wear.
Sainsbury’s told the City it anticipates that these stores will be earnings enhancing in their first full year of operation.
All five stores will reopen as Sainsbury's supermarkets as part of a phased programme expected to be completed by Christmas.
The 305 affected Somerfield colleagues will be given the opportunity to join Sainsbury's and those who choose to do so will transfer to Sainsbury's under TUPE regulations.
