Irish grocer Musgrave’s acquisition of Superquinn has been given the green light by the country’s Competition Authority.

Musgrave chief executive Chris Martin expects to complete the deal on October 11, on which date the €10 million fund established by Musgrave for Superquinn suppliers will be activated and administered by Superquinn’s joint receivers.

Martin said: “The purchase of Superquinn supports our growth agenda and will sustain our competitiveness.

“We will apply our considerable expertise to help stabilise a business that has been greatly challenged by the changes in the market place in recent years.

“In a declining market where consumers are spending less and continuously looking for value, Superquinn has struggled to retain market share.

“Working with the Superquinn team, we will tackle these considerable challenges to stabilise the business and develop it for the future.”