Pick n Pay Freedom! Freedom!! Freee-hee-hee-hee-dommah!!!*
Unlike generations of pickpockets, spivs, nadgers, card sharps and sheep-stealers before them, Pick n Pay have managed to escape the hard, dry clutches of the penal colony down under and will soon be taking to the shark infested seas around its grim and joyless shores in a rudimentary raft, hope in their heart and US$225million secreted about their person, proceeds of the soon-to-be-concluded sales of Franklin’s to Metcash. They will spend this windfall, we are told, on the rollout of an unspecified number of new DCs. Metcash, in the meantime, will be selling Franklin’s hand over fist to their IGA retail group members, and generating w/s sales out of the deal to the tune of $US500m plus, which is a result by anyone’s standards. In other PnP news, The Big Blue has continued to deny any truth in the rumour that it is in any kind of negotiation with Tesco.
Comment: Should there be a negotiation, and we aren’t saying there would, PnP’s 369 franchise stores, however profitable, would be an unattractively complicating factor.
*with apologies to Aretha