Tesco Ireland has acquired Galway-based grocery retailer Joyce's Supermarkets for an undisclosed sum.
The acquisition will see 10 supermarkets that currently operate under the Joyce family’s independent brand rebranded and designed as Tesco stores throughout 2022. Employees of Joyce’s “will be welcomed as colleagues of Tesco Ireland”, the company said, while it said it would engage with its suppliers about future business.
The deal is subject to the approval of Competition and Consumer Protection Commission (CCPC). It is the first significant acquisition of a portfolio of stores that Tesco Ireland has made in the Republic since entering the Irish market in 1997.
"I am really pleased that we've reached agreement with Joyce's Supermarkets and look forward to bringing Tesco to more communities in Galway in the year ahead," said Tesco Ireland chief executive Kari Daniels.
“This agreement provides a great platform for us to bring our value, quality and range of products to more customers, and to bring our grocery home shopping service to more locations in the west of Ireland.”
Tesco has 151 stores in the Republic, five of them in Galway, and employs more than 13,000 people. Joyce’s, which earlier this year celebrated the 70th anniversary of its first store opening, employs more than 500 people.
Ms Daniels paid tribute to Joyce's managing director, Pat Joyce, and his team.
“We look forward to welcoming Joyce’s colleagues and customers to Tesco and engaging with suppliers and the wider community in Galway, subject to CCPC review, as soon as possible.”
Transition period
Mr Joyce expressed gratitude to the loyal support of staff, suppliers and customers over the years.
“Should this acquisition be approved, I believe the move will be of significant benefit to them, and I would look forward to continuing our work well into next year as part of a transition period,” he said.
“We have carefully considered the opportunity and are very pleased to pass our business on to an established brand in Tesco that promotes quality and excellence across its business, and which has an established presence in the Irish market.”
The Joyce family will retain full ownership and control of their other business interests.
Mr Joyce's father, Patrick C Joyce, started the business as a small grocery store in Headford, Co Galway, in 1951, later expanding it to a supermarket. Mr Joyce took over the business in 1988 and opened a further nine supermarkets in Knocknacarra, Athenry, Tuam, Inverin, Ballybane, Fr Griffin Road, Doughiska, Oranmore and Oughterard.
