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HSBC has provided banking and lending facilities to SandpiperCI, the Channel Islands’ largest retailer, to complete its acquisition of thirteen Costcutter stores across Jersey.
Following regulatory approval earlier this year, the deal, which completed this week (12th June), will see the thirteen Costcutter outlets being gradually brought in line with SandpiperCI’s existing range of Food Hall fascia.
Sandpiper, who also have operations in Spain and Gibraltar, operate the franchises locally for Marks & Spencer’s, Costa Coffee and Burger King as well as Iceland and George.
Commenting on the transaction, Warwick Long, HSBC’s Head of Commercial Banking CI & IOM, said:
“SandpiperCI are the largest retailer locally with whom we have built up a strong relationship over the years. We are delighted to support the business with the acquisition and help to fund this investment reflects our desire to support local businesses with their growth strategies.”
Those Costcutter stores not forming part of the transaction are St Ouen, St John and Green Island.
