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Appleby has acted as legal counsel to supermarket chain Morrisons in relation to its acquisition of 38 of SandPiperCI Group’s convenience food retail outlets across the Channel Islands.
The acquisition deal involves 38 stores – including six fuel forecourts – across Jersey, Guernsey and Alderney with an annual turnover in the region of £145.5 million.
All 38 stores in the deal will remain as convenience stores and it's hoped the transaction will be complete by July 2024
The deal includes SandpiperCI stores trading under Morrisons Daily, Iceland, Checkers Xpress in Jersey and Guernsey as well as Le Cocq's in Alderney. It does not include the Marks & Spencer Jersey business which will remain as part of the SandpiperCI Group.
It is anticipated that all store-based staff will transfer over to Wm Morrison Supermarket Limited.
The cross-jurisdictional Appleby team was led by Managing Partner James Gaudin and Counsel Paul Worsnop in Jersey, with support from Senior Associate Stephen Le Cornu and Associate Inyeneobong Udoh.
The real estate elements of the transaction were led by Partner John Bisson and Counsel Kate Westwater. Employment advice was led by Guernsey Partner Richard Sheldon and Guernsey corporate was led by Partner Stuart Tyler with assistance from Associate Omolola Botsane.
Managing Partner James Gaudin said: “We are really pleased to have been able to work with the supermarket chain on this exciting deal. Appleby’s expertise in corporate law, property and employment across the Channel Islands came into play to showcase how well Appleby jurisdictions work together and I know this was very much appreciated by our client.”
In preparation for the deal, alcohol licences were also granted for the 26 convenience stores in Jersey at the most recent quarterly meeting of the Licensing Assembly. The new licences will not be valid until the sale of the stores has received regulatory approval from the Jersey Competition Regulatory Authority (JCRA).
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