Southern Co-op has announced today (Monday) that it is planning to sell its store in Afton Road to Tesco Stores Ltd.
Customers and the local community around the large co-operative store in Freshwater are being reassured that they will continue to be served after the store moves over to Tesco.
Completion later in the year
Whilst this transaction remains subject to a number conditions being met, it is anticipated the store will be sold as a going-concern operated by Tesco, with the sale expected to complete in autumn 2021.
Mark Smith, Chief Executive of Southern Co-op, said,
“Whilst Freshwater is a successful store, it’s our largest store and the only one that fulfils the supermarket mission alongside our other 200 convenience stores. We do our utmost to provide the very best service to our local communities and we have every expectation that Tesco will continue this service once the sale completes.
“This sale presents an opportunity for Southern Co-op to focus on our convenience estate, including our Avenue Road store in Freshwater which will continue to serve the local community.”
Staff
There are no plans to sell or close Southern Co-op’s other retail stores or funeral homes on the Isle of Wight and all colleagues have the opportunity to transfer to Tesco under the Transfer Undertaking for the Protection of Employment Regulations (TUPE).
Southern Co-op will also be working with its community partners, local suppliers and other key stakeholders to ensure the transition is smooth and to reduce any impacts wherever possible. It is hoped that there will be minimal disruption to customers during the change from a co-operative to a Tesco.
Mark Smith added:
“We would like to emphasise that the decision to exit a site is never taken lightly and in no way reflects negatively on the hard work and commitment of our colleagues, especially throughout the pandemic.
“As a regional business, we remain committed to the Isle of Wight economy and communities and will continue to serve the island through our other food stores, funeral homes and our partnerships with community organisations and food and drink producers.”
News shared by Southern Coop, in their own words.
