Bibby Line Group has sold Costcutter Supermarkets Group (CSG) in a deal which will see 1,500 stores become part of Bestway Wholesale.<\/p>\n
Bestway is the UK’s largest independent wholesaler and its retail division already includes Bargain Booze, Best-One and Wine Rack. It said the Costcutter group, which also includes Mace, Supershop, Kwiksave and Simply Fresh, would “continue to operate as normal”.<\/p>\n
York-based Costcutter has enjoyed a transformation in its fortunes recently and in 2019 it recorded a \u00a35m EBITDA profit after losing \u00a34m the previous year. Sales grew 10% to \u00a3426m.<\/p>\n
The value of the deal has not been disclosed.<\/p>\n
Dawood Pervez, managing director of Bestway Wholesale: “Costcutter is a great brand with a long heritage and a history of success alongside industry-leading and loyal retailers, with some of the best in-store execution in the business.”<\/p>\n
The sale of Costcutter is part of Bibby Line Group’s strategic realignment of the business and follows the disposal of Bibby Distribution to Menzies Distribution announced last week.<\/p>\n
John Cresswell, chief executive of Bibby Line Group, said: \u201cWe hope CSG will continue to prosper and grow as it becomes part of a larger business with deep retail expertise.<\/p>\n
“This is also positive news for Bibby Line Group, completing the planned strategic realignment of our portfolio, further strengthening our Group balance sheet for future investment.\u201d<\/p>\n
The deal is conditional on approval by the Financial Control Authority, which is expected in the first quarter of 2021.<\/p>\n
Bibby Line Group was advised by CMS and PwC on the agreed sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
Purchase sees Bargain Booze owner significantly expand retail division<\/p>\n","protected":false},"author":18,"featured_media":2071727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,47995],"coauthors":[81],"class_list":["post-2071726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-retail","tag-featured-story"],"yoast_head":"\n