Wayne Chen has sold his largest supermarket in May Pen, Clarendon, to rivals, reducing the family-run Super Plus Food Stores chain to 13 outlets.
Chen, the chief executive officer of Mandeville-based Super Plus, said he wrapped up the deal weeks ago with Progressive Grocers of Jamaica Limited, a consortium of supermarket owners, whose partners include members of the Loshusan family, Sing Slung Chin and Albert 'Docky' Lym.
The May Pen operation spans 45,000 square feet. "It was our biggest store," said Chen Wednesday.
"We sold everything - lock, stock and barrel," he told the Financial Gleaner, including the assets and real estate.
Lym on Wednesday denied knowledge of the purchase.
"I don't know about it," said Lym when pressed about the sale. "If and when that happens, you will be the first to know of it,"
He, however, disclosed that the former Clock Tower Super Plus outlet in Half-Way Tree, which he had bought, has been rebranded Brooklyn Supermarket and has now reopened.
But well-placed sources have confirmed a deal, saying that Super Plus was likely to have pocketed US$4 million to US$5 million (J$350 million to J$450 million).
Acquired other assets
The Progressive group was formed back in 2000 chiefly as bulk buyer of stock for the individually owned grocery businesses of Docky Lym, Sing Slung Chin, Arnold Chin of Montego Bay and at least three of the Loshusan brothers, but over time has also been used as the vehicle for the acquisition of other assets and businesses.
The sale of the May Pen outlet brings to seven the number of stores sold by Super Plus this year.
The other six were Kingston-based Clock Tower, Stony Hill, Trafalgar Road and Liguanea; Spanish Town in St Catherine; and the Fairview store in Montego Bay, sold to another rival, Hi-Lo Food Stores.
Chen, who in previous interviews had said that the company was downsizing to clear mounting bank debts, said this week that the May Pen sale would be the last divestment.
His reduced 13-store operation places the group at No 3 in the grocery market, behind Progressive and Hi-Lo when measured by the size of their networks.
A year ago, Super Plus was considered the No. 1 grocery chain.
dionne.rose@gleanerjm.com