Spar plans no Hungary pull-out

gd_

Supermarket chain Spar has no plans to pull out of Hungary, even though it objects to some regulations in the country, the head of the Spar Austria said. “Business is booming for the company in Hungary, which is why it will not withdraw from the country because of laws that are incomprehensible and violate European Union rules,” Gerhard Drexel told. New rules require foreign-owned businesses to pay an oversight fee of as high as 6pc, while Hungarian companies pay just 0.1pc, he complained, criticising the European Commission for failing to take action. With 420 stores and annual revenue of EUR 1.5bn, Spar has 11pc market share in Hungary.