LONDON (Reuters) - Nisa Retail said on Saturday its chief executive had left the convenience retailer, which is in talks with the Co-operative Group (>> Co-Operative Group Ltd) to be taken over.
Nisa, which is owned by its independent retail members, said Nick Read had left with immediate effect but did not give a reason. Read had held the role since December 2014.
A source close to the negotiations with the Co-op said Read's sudden departure "was not expected to impact the deal and exclusive talks are ongoing."
Last month Britain's second largest supermarket group Sainsbury's (>> J Sainsbury) suspended bid talks with Nisa, saying it needed a clearer idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector. That opened the door for the Co-op.
The Competition and Markets Authority (CMA) is probing Tesco's (>> Tesco) proposed 3.7 billion pound takeover of Booker (>> Booker Group), a wholesaler which supplies the convenience sector.
(Reporting by James Davey; editing by Alexander Smith)