Morrisons Sets Up Subsidiaries In Ireland

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Morrisons has established two new subsidiaries in Ireland but has yet to confirm what they will be used for.

According to the Irish Independent newspaper, the supermarket chain doesn’t have any immediate plans to enter the Irish retail market. However, the report suggested that the new units could be used to help it overcome supply or financing issues related to Brexit.

The retailer recently formed both Wm Morrison (Ireland) and Safeway Grocery (Ireland). The directors of the new Irish arms are listed as Jonathan Burke, the group’s corporate secretary, and James Badger, its online and wholesale director.

Formation documentation states that the two firms are involved in the sale of food, beverages and tobacco. The place of business for both subsidiaries is a co-working office space in Dublin city centre, which also provides virtual office space.

The newspaper stated that while setting up the two subsidiaries may be related to Brexit, it’s unclear what administrative issues the retailer might have that the Irish units would help resolve. Morrisons does not operate any outlets in Northern Ireland.

The retailer does have a wholly-owned subsidiary in Hong Kong that it uses to source products from factories throughout China and the wider Far East. Morrisons is one of the biggest food processors in the UK, with 17 plants for fresh produce, meat, and dairy products.

The group, which is now owned by US private equity group CD&R, has not commented on the Irish Independent report.

NAM Implications:
  • This has to be about having a legal entity foothold for Continental EU.
  • i.e. a springboard for Morrisons/Safeway…
  • …and/or sourcing/export of own labels.

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