US organics giant Whole Foods Market is pushing into the UK with the acquisition of niche retailer Fresh & Wild for US$38 million (£20.9 million).
Whole Foods has agreed to buy the seven-store UK chain, and the deal is expected to be completed by the end of February. It is understood that the Fresh & Wild banner will be retained, initially at least.
Whole Foods chairman and chief executive John Mackey said: 'We believe an acquisition is the right strategy for our first overseas venture. The infrastructure and intellectual capital we will gain will provide us with an immediate platform for expansion.
'We are actively exploring real estate opportunities in the London area, with the goal of opening a large-format Whole Food Market store over the next few years.'
Six of Fresh & Wild's shops are in London and there is one store in Bristol.
Unlike Whole Food, whose stores can measure as much as 45,000 sq ft (4,180 sq m), Fresh & Wild's outlets average approximately 5,500 sq ft (510 sq m).
Fresh & Wild chief executive Bryan Meehan said: 'The merger ... means that we can make improvements more quickly and take the concept to more places in London, the UK and Europe.'
Fresh & Wild's sales in the year ended December 31 2003 were approximately£17.6 million.
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