Spar to reportedly sell Polish assets

The international retailer has recently debuted a new format for Avia service stations and reported a 10.6% rise in turnover for the first weeks of its financial year.

The Spar Group is eyeing the potential sale of its Polish group. According to a report by Reuters, the g grocery retailer stated its intention to divest assets last Thursday.

The news comes after the company reported a 10.6% rise in turnover for the first 47 weeks of its financial year. In addition, the Avia service station network in the country has recently unveiled its latest store format with an integrated Spar market.

"Having evaluated and considered all options, the board believes that it is in the best interests of the group and shareholders to engage in a process to dispose of its interests in Poland," stated the firm in a statement as reported by the news agency.

Spar entered the Polish market in 2019, after the group acquired a controlling stake in deli and supermarket chain Piotr. In its efforts to make a profit, the company has offered retail customers better rebates and debuted new formats in different areas.

The Spar Group confirmed last year that uptake from retailers hadn’t been quick enough to improve and achieve profitability.