of Bejam Freezer Centres to explore the possibility of merging the two brands. John Apthorp explains that he could not see the idea going ahead as Wm Low were losing market share and the store portfolio did not lend itself well to the possibility of conversions to freezer centre formats. In 1987, Wm Low had sold its frozen food chain, Lowfreeze, to Bejam for £3.8 million. 1993–1994 expansion It was Wm Low's aim to achieve a total of 61 stores and of sales area by the end of the 1994 financial year. Expansion into the north and midlands of England was a priority, with the £12 million, Loughborough store opening in 1993. Amid huge publicity for price cuts on over 500 items, customers took their sleeping bags to await the opening of the store and claim their hamper, champagne and flowers. This was the company's foray into direct competition with Sainsbury. Market share Wm Low was one of the market leaders in Scotland in terms of market share, which was 7.4% in 1981, rising to 10.4% in 1984 and then 12.7% in 1986. It then started to fall until the 1994 takeover by Tesco. History of the takeover Competing bids The takeover battle for William Low started on 14 July 1994, when Tesco announced its formal bid of £156 million for the company to dramatically improve its Scottish portfolio and an assurance it would not cherry pick the best stores. J Sainsbury launched a counter-bid of £210 million but this would have led to a break up of the Wm Low portfolio as they had intended to maintain the best stores and dispose of the rest. The Scottish market leader at the time, The Argyll Group - Safeway - announced in July 1994 that it would not be making a bid for Wm Low. Sainsbury was keen to gain a stronger foothold in Scotland, having only 3 stores in Scotland at the time of the bid. Tesco reacted with an improved offer of £247 million and Sainsbury's withdrew from the battle. Tesco formally took over Wm Low on 2 September 1994 for a total sum of £257 million. Analysis at the time suggested that the Sainsbury bid was possibly a spoiler tactic as opposed to a serious takeover attempt. The company had been independent for 126 years, having been founded in 1868. The purchase of Wm Low doubled Tesco's Scottish