GLOBAL FINANCE INVESTS BGN2MN IN FAMILY SUPERMARKETS
The Global Finance investment company is going to put BGN2MN in the Family supermarket chain. The money will be used for improving the face of the shops and enriching their assortment. Moreover, cards for loyal customers will be issued. The investment is part of a long-term program for cooperation between the two companies.Currently, the Family chain operates 15 supermarkets of 200 to 600 square metres. By the end of the year it plans to open other 6 shops on the territory of Sofia and by the end of 2005 - fifteen more across the country. The company reported a BGN12MN turnover for the first half of 2004.The Family chain was established in 1999 and is owned by Hristo Popov. It is the first investment of the Growth fund, established by Global Finance, the European Bank for Reconstruction and Development, Post Bank - Bulgaria, Post Bank - Romania, and Doverie Capital, in June 2003. The fund's capital amounts to EUR20MN.Global Finance has been operating in Bulgaria for more than ten years. It takes part in the capital of United Dairy Company, Chipita, Delta, etc. It now runs assets exceeding USD400MN.There are 30,000 retail shops in Bulgaria. However, only 400 of them occupy more than 100 square metres. Big supermarkets report 18% of the sales of food and beverages - a market worth EUR4BN annually.