Wexford-based independent supermarket chain Pettitt's has joined the SuperValu franchise network in a move that is projected to add some €85 million in annual retail sales to the Musgrave-owned brand.
In business since 1825, when members of the Pettitt family opened a store on Main Street in Wexford, the chain has a total of five stores in the southeast region.
Located in Wexford town, Enniscorthy, Gorey, Athy and Arklow, they occupy some 80,000 square feet of food retail space.
The latest available accounts for John Pettitt Wexford Ltd show that it had pretax profits in 2003 of €3.18 million, up from €2.39 million in 2002. With retained profits of €25.87 million at the end of that year, the company employed 445 staff.
Accounts for 2004 have not yet been filed by the company.
Ultimately owned by an unlimited entity, Torki, the company will remain in the ownership of the Pettitt family after they change the name of the chain to Pettitt's SuperValu from January 1st.
The Pettitt family's other interests include the Stillorgan Park Hotel in south Dublin and the Talbot Hotel in Wexford town.
"This alliance will help us to grow our business," said Des Pettitt, chairman and managing director, Pettitt's Supermarkets.
"The agreement will offer Pettitt's the benefits of scale and buying power."
Musgrave SuperValu Centra managing director Donal Horgan said that the addition of the five stores was strategically important to the group.
"We have both pursued similar strategies with a commitment to quality and excellence in retail, as well as competitive pricing and we believe that together we can achieve further success," he said.
