A Kinross-based convenience store chain which can trace its roots back 200 years has been taken over by the Co-operative Group.
A total of 700 staff in David Sands Ltd’s network of 28 stores in Fife and Perthshire are affected by the change and they will transfer to their new employer once clearance for the deal has been received from the Office of Fair Trading.
The takeover will end the Sands family’s personal interest in the business altogether.
The firm which had a turnover of £41 million in 2010 was set up in 1812 and chief executive David Sands is the fifth generation of his family to have been at the helm.
Mr Sands is leaving the firm with immediate effect and is expected to concentrate his time on his other business interests, which include a portfolio of property.
Chairman Lindsay Sands who had been working part-time in recent months is also stepping aside.
The red and green liveried Sands stores are a well-known fixture of high streets across Fife and Perthshire, but the name will eventually die out as the Co-op move to rebrand the stores in line with their own corporate identity.
The Co-operative said the purchase of the Sands business which has been completed for an undisclosed fee would help in its aim to strengthen its 2,800-strong UK food store network by more than 300 new stores over the next three years.
Currently, the Co-op’s £1 billion Scottish food portfolio includes 370 stores serviced from a distribution centre which was opened last year at Newhouse in Glasgow.
The Sands business is administered from a 28,000 sq-ft head office and central warehouse at Kinross Bridgend Industrial Estate.
Co-operative Group chief executive Peter Marks said he was delighted with the acquisition of a well-established business.
He said: ”This major acquisition will significantly strengthen our food business in Scotland, especially in Fife, Kinross and Perthshire, and we look forward to working with the new team from David Sands.
”The Sands stores complement our existing food estate, which operates from the Highlands and Islands to the Borders, and they will be a valuable addition to our portfolio as we forge ahead with our programme to grow the business by seeking new opportunities at the heart of local communities right across the UK.”
David Sands said: ”The Sands family would like to take this opportunity to thank our many great staff, suppliers and customers for their continued support. We believe that the acquisition of our business by the Co-operative Group, another responsible retailer, offers a fantastic opportunity for continued investment in our stores and our people, and a continued commitment to Scottish local communities, local produce and local suppliers.”