// Iceland has sold all its 27 stores in the Republic of Ireland to a new franchise owner

// The supermarket chain said it will now focus on opportunities within the UK and the growth of its export business

Iceland has sold all its 27 stores in the Republic of Ireland to a franchise owner as it focuses on its UK business.

The Project Point Technologies has snapped up the supermarket’s entire shareholding in the Irish operation and will continue to operate the shops under the Iceland brand as part of a franchise agreement.

Iceland said the sale does not affect the employment status of its Irish employees.

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Iceland Foods group chief executive Tarsem Dhaliwal said: “In the ten years since we took direct control of our stores in the Republic of Ireland, we have successfully grown the business from seven to 27 stores, created a substantial number of new jobs, and built mutually beneficial relationships with many new Irish suppliers.

“However, we have now decided that it is right to focus on retail opportunities within the UK and on the growth of our export business, and to place our stores in the Republic of Ireland on the same franchise partnership basis which operates successfully in other parts of Europe.”

The supermarket’s Northern Ireland operations, which include 35 stores and two Food Warehouse outlets, are not affected.

Earlier this month, Iceland improved its prospects for a £750m refinancing deal after it    reported “better than expected” full-year performance guidance.

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