Tesco buys Isle of Man Shoprite stores. What will happen to Shoprite stores now?

Retail giant Tesco has bought supermarket chain Shoprite which has served the Isle of Man for more than 50 years. The company has said that it would rebrand all nine of the island's Shoprite stores over the next nine months. According to BBC, Shoprite's majority shareholders Deryck and Kevin Nicholson confirmed the deal and said that the sale was a "carefully considered" decision.

First set up in 1972

Praising the people of Shoprite, Tesco Chief Executive Jason Tarry said that they built a fantastic business over many years." He said that he was "really pleased that we've reached this agreement". Shoprite was first opened in 1972.

Minister expresses apprehension

Reacting to the deal, Enterprise Minister Tim Johnston said that there would be "a number of staff at risk outside the stores".

Shoprite outlets can be found all across the island, including Port Erin, Ramsey, Peel and Castletown. Earlier in 2000, Tesco opened a store in Douglas, on the island.

BBC quoted Chief Minister Alfred Cannan saying, "For many years the Shoprite brand has supported the growth of many local food producers by stocking their product lines, from locally produced meat, fish and vegetables, to ales, wines and spirits across over 150 local suppliers. I am keen to see a similar local business partnership continue as Tesco takes over."

Shoprite owner thanks staff

According to 'Isle Of Man Today', the Shoprite owner said that he is pleased to pass his business on to an established brand in Tesco, which already has a presence on the Isle of Man.

He also expressed his gratitude for the loyal support of our staff, suppliers and customers and thanked them for being part of the journey for more than 50 years.

FAQs:

Q1. When was Shoprite set up?
A1. Shoprite was set up on the Isle of Man in 1972 and it has nine stores on the island. Deryck and Kevin Nicholson held its majority shares before they sold it to Tesco.

Q2. What is Tesco's plan for Shoprite stores?
A2. Tesco has said that it would re