Bestway Wholesale has announced it has agreed a deal to acquire Costcutter Supermarkets Group (CSG) from Bibby Line Group for an undisclosed amount.
The acquisition, which will complete on approval from the Financial Conduct Authority (FCA), will see Bestway Wholesale’s turnover reach almost £3bn. It will also take the symbol, franchise, and company store retail estate to more than 3,795 stores across the UK, including 2,682 fascia and 195 company-owned stores.
The deal follows an improvement in CSG’s financial performance over the last two years. CSG’s sales rose by 10% to £426m in 2019, with sales and profitability continuing to rise throughout 2020 due to the increase in local shopping as a result of the COVID-19 pandemic.
Bestway also confirmed that it has agreed a two-and-a-half year extension to the wholesale supply agreement with Co-op. This means that Co-op will continue to supply Costcutter stores with branded and own label products via its Nisa supply chain until 2026.
by Rachel SibsonRead full article Share on twitter