4,000 new Partners to join Waitrose as co-owners

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Waitrose has announced an acquisition and ambitious growth programme that will result in 4,000 new employees joining the John Lewis Partnership as co-owners. The retailer has entered into a conditional agreement* with The Co-operative Group to purchase 13 stores arising out of the Group's acquisition of Somerfield. Waitrose will also open at least nine new branches through organic growth in 2009.

The 22 confirmed shops will take the Waitrose estate to 220 stores in the UK, offering customers over 200,000ft of additional selling space, an increase of over 5 per cent to its existing portfolio.

Waitrose aims to target over two million new customers with the stores. The shop's locations will consolidate the supermarket's position in its heartland areas and increase its presence in regions where Waitrose is currently under represented.

Today's 13 store acquisition from The Co-operative Group is one of the largest in the supermarket's history. It includes a fifth shop in Wales as well as its second stores in Tyne and Wear, Lincolnshire and Warwickshire. It will also increase its presence in the South West with two new shops in Devon.

Waitrose Managing Director, Mark Price, commented:

'I'm delighted to announce the biggest period of growth in the history of Waitrose. There is a real weight of evidence that businesses that continue to invest during tough economic times fare much better when the economy begins to recover. Our new shops will help ensure Waitrose is in the best shape possible coming out of the recession.

'I am always overwhelmed by the number of letters I receive asking for a Waitrose in new areas, demonstrating there is a strong demand for quality and a place in the market for well positioned, premium food.

'We are delighted that 4,000 new employees will be joining our business and look forward to welcoming them to share in the unique benefits of the John Lewis Partnership.'

The retailer will start a programme of conversions and openings on the acquired stores in the spring. Over 1,000 employees at the Somerfield stores will join Waitrose with a further 500 new jobs created at these branches. All new employees will become Partners within the John Lewis Partnership, which means they become co-owners of the  usiness and receive an annual share in profits. The nine new stores will result in over 2,000 store jobs with an additional 500 in operational support.

Customers at the new food shops can expect a wide range of fresh foods including dedicated meat, fish, delicatessen, patisserie and cheese service counters, together with the supermarket's award-winning wine collection.