KINROSS-based family-run business David Sands Ltd. has been bought over by the Co-operative Group for an undisclosed sum.
Some 28 stores - including outlets in Kinross, Auchtermuchty and Strathmiglo – and almost 700 David Sands’ staff will transfer to the Co-op.
The sale is expected to be completed in the next couple of months, subject to a review by the Office of Fair Trading.
David Sands Ltd. was founded in 1812 and operates stores across Fife, Kinross and Perthshire.
The Co-op’s purchase of the 28 outlets is the latest step in its ambitious plans to expand its 2800-strong UK food store network by more than 300 over the next three years.
David Sands, chief executive of David Sands Ltd., added: “The Sands family would like to take this opportunity to thank our many great staff, suppliers and customers for their continued support.
“We believe that the acquisition of our business by the Co-operative Group, another responsible retailer, offers a fantastic opportunity for continued investment in our stores and our people, and a continued commitment to Scottish local communities, local produce and local suppliers.
“There are many similarities and synergies between David Sands Ltd and the Co-operative – we share many of the same values including our commitment to supporting local suppliers – and I have every confidence they will continue to invest in, grow and develop our stores and our people in the future.”
John McNeill, the Co-operative Food’s operations director for Scotland, said: “The Co-operative is proud of its record of operating at the heart of many communities across Scotland, and we’re looking forward to building on the long tradition David Sands has of serving local communities in Fife.
“This major acquisition is another important step in our plans to expand, and we look forward to working with the new team from David Sands.
“These stores will significantly strengthen our position in the area, while complementing our existing stores.”