The Musgrave SuperValu-Centra (MSVC) group has completed the transfer of five SuperValu supermarkets to independent retailers in Meath and Kildare, for €30 million.

Last February, the company bought the stores from former owner Mr Joe Nally.

MSVC would not disclose the original purchase price, but emphasised that it was not in the business of property development, indicating that the selling price of the stores had not noticeably altered since February.

A spokeswoman said the group had acquired the outlets and then transferred them because it was committed to supporting independent retailers.

"We didn't want them to go out of independent ownership," said the spokeswoman.

She added that the transfer had taken seven months because the stores were highly profitable and there was a "huge amount of interest" in them.

Three of the new supermarkets have been acquired by former employees of MSVC, one was bought out by former employees of Mr Nally and the last one was acquired by a Mr Larry O'Brien who already owns a SuperValu store in Cavan.

Most of the stores - apart from one in Ratoath, Co Meath, that was only opened in May - have undergone or will undergo revamping and expansion.

The original deal with Mr Nally also included a greenfield site in Navan and MSVC is currently negotiating with developers, regarding its sale.

The majority of the staff in each store has been retained and MSVC will continue to act as supplier.

Managing director Mr Michael Nason said that facilitating independent local ownership was a cornerstone of the Musgrave retail franchaise.

"As grocery wholesalers, it is in our interest to back retail entrepeneurs who will provide first class local shopping facilites," he said.