Upmarket grocery chain on market for up to £150m

Niche grocery chain Booths – founded in Blackpool in 1847 – is up for sale with a price tag between £130m and £150m.

According to reports of the weekend the company’s 62-year-old Edwin Booth chief executive has appointed advisers from investment bank Rothschild to look at bids for the company.

The supermarket chain has 28 stores across the North, in Lancashire, Cheshire and Yorkshire and has been owned by the same family for five generations, with the Booths currently still holding a 96% stake.

However, the company has endured a torrid 18 months since Storm Desmond two years ago, calling in accountants to carry out a financial health check.

The company reported a £6.3m loss in 2016, after making £1.1m profit the previous year.

Meanwhile, in May Chris Dee stepped down as chief executive after 22 years in the job.

A spokeswoman for Booths told The Guardian: “Booths has been retailing for over 170 years and it remains a very strong, resilient and well-loved brand. One of our strengths has been our ability to adapt to changing market conditions.”