UNITED Co-operatives have announced that they will not be making a bid to take over the Somerfield supermarket chain.
The society and their advisors, Rothschild, carried out due diligence procedures after expressing an interest in the £ 1 billion rated business last month.
However United Chief Executive Peter Marks told www.thenews.coop: "We have had a good look and have concluded after much thought that we will not be making a bid for Somerfield.
"We remain committed to driving our business forward by both organic growth and by acquisition, but have concluded that this was not the right deal for the society at this time."
Added Mr Marks: "As we have made clear previously, we are in the market for good business opportunities in all the sectors in which we operate – food, travel, car dealerships, health care and funerals. After 11 years of successive profit increases, we have made a very encouraging start to the current financial year, trading ahead of the market in some tough trading conditions."
Mr Marks paid tribute to United's management team for their work and leadership while the Somerfield bid was being considered.
"We have demonstrated yet again that we have another of the key ingredients of success – an outstanding management team," he declared.
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