Arion Bank puts 10-11 up for sale

The retail chain 10-11, currently owned by Arion Bank’s subsidiary Eignabjarg, has been put up for sale.

• The entire share capital of Rekstrarfélag Tíu-ellefu ehf. is being offered for sale and is expected to be sold in one piece. The sale process is open to all investors who have the relevant expertise and financial strength.  
   
• Non-binding offers may be submitted until 18 May. Subsequently, selected investors will be granted access to further information on the company before binding offers are invited and final purchase and sale agreements are reached.  
   
• Interested parties are requested to contact Arion Bank - Corporate Advisory which is managing the sale process.

Rekstrarfélag Tíu-ellefu ehf. operates 23 stores under the 10-11 brand in the Greater Reykjavík area, Reykjanesbær and in Akureyri. The 10-11 brand is one of the best known on the market and the stores are strategically located. The company employs approximately 200 people. The aim of the company is for 10-11 to be the first choice of consumers who seek quick and simple service at any time of the day or night.

The retail chain was owned by Hagar hf. until last year when Rekstrarfélag acquired the business and its assets and liabilities. 

Further information

Information on the sale process can be obtained from Arion Bank – Corporate Advisory on +354 444 6000 or by sending an e-mail to fyrirtaekjaradgjof.10-11@arionbanki.is.