City Markets’ principal, Mark Finlayson, has signed a deal in principle to acquire rival retailer Robin Hood’s food business, Tribune Business can reveal. The agreement, which was signed on Friday, is targeting a closing this week, multiple sources close to the situation confirmed to this newspaper last night, a development that would allow Mr Finlayson to achieve his long-cherished dream of food retail consolidation in the Bahamas.
The purchase price is unknown, but Tribune Business can reveal that the terms involve City Markets and Mr Finlayson acquiring and taking over Robin Hood’s food business. The latter’s principal, Sandy Schaefer, will retain ownership of its high-margin, heavy duty appliance business, sub-leasing space in Robin Hood’s two stores to Mr Finlayson from where he will run the grocery business.
