21st December 2020
Bestway Wholesale has agreed on a deal to buy the symbol group operator Costcutter from the Bibby Line Group for an undisclosed sum, marking a significant move in the independent convenience retail sector.
Bestway said the acquisition of the Costcutter Supermarkets Group (CSG), which will complete on approval from the Financial Conduct Authority (FCA), follows an improvement in the chain’s performance over the last couple of years. During the 12 months to 31 December 2019, CSG’s revenues rose by 10% to £426m with sales and profitability continuing to rise during 2020 as consumers increasingly shopped locally because of the pandemic.
The acquisition is expected to be completed in the first quarter of 2021, with CSG then becoming part of Bestway Wholesale’s retail division. Approximately 1,500 stores operating under the Costcutter, Mace, Supershop, Kwiksave, and Simply Fresh fascias, will join Bestway’s current host of retail brands – Bargain Booze, Best-One, Wine Rack, Select Convenience and Central Convenience. Bestway stated that it was committed to ensuring retailers “continue to enjoy all the benefits they currently enjoy with CSG”.