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Musgrave sells UK ops

Irish retail giant Musgrave has sold its operations in Britain to a rival firm for €57m.

The Cork-based company's British business operated the Budgens and Londis brands which, combined, have almost 1,800 stores across the UK.

It is being sold on a cash free-debt free basis to UK wholesale giant Booker, and completion of the transaction is subject to approval from the Competition and Markets Authority.

CEO of Musgrave Group, Chris Martin, said that the British grocery market is experiencing a "fundamental and permanent structural change, with intense competition and a deflationary environment".

Musgrave's British business had sales of £833m last year.