Scottish Power to buy Clydesdale stores
Saturday 05 March 1994
Scottish Power said the new superstores, 36 of which are in the Midlands and the North of England, would complement the company's retail portfolio of 89 Scottish high street stores and 15 superstores.
Clydesdale, Britain's third-largest electrical retailer, went into receivership in January. The deal with Scottish Power will safeguard 600 jobs but about 800 jobs are at risk.
Scottish Power has about 30 per cent of Scotland's white goods market, with retail sales of about pounds 90m last year and an operating profit of pounds 4.5m. Dr Ian Preston, chief executive, said: 'The collapse of Clydesdale presented us with a unique business opportunity to accelerate our existing retail strategy of incremental growth.'
In a separate development, Granada UK Rental is to acquire Clydesdale's rental accounts and several Scottish high street stores.
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