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, Bes
By Ronan Hegarty2020-12-21T12:20:00+00:00
Costcutter operations will become part of Bestway’s retail arm
Bestway Wholesale has snapped up symbol operator Costcutter Supermarkets Group for an undisclosed fee from Bibby Line Group.
The deal, set to be concluded in the first quarter of 2021 subject to approval from the Financial Conduct Authority, will take the wholesaler’s turnover to almost £3bn.
Bestway will then operate a symbol, franchise and company store estate of more than 3,795 UK stores.
The Costcutter operations will become part of Bestway’s retail arm. This will involve the integration of around 1,500 stores branded Costcutter, Mace, Supershop, Kwiksave and Simply Fresh, along with 20 Costcutter and four Co-op franchises.
Submitting.
Bibby Line Group said CSG’s agreed sale price will remain “undisclosed”, adding that its sales rose by 10 per cent to £426m over 2019.
CSG employs around 500 people.
Chief executive of Bibby Line Group, John Cresswell, said the deal was “positive news” for the company and would help it secure future investments.
“Over the last two years, CSG has transformed itself into a profitable and much stronger business,” he said.
Support The Yorkshire Post and become a subscriber today.
Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you’ll see fewer ads on site, get free access to our app and receive exclusive members-only offers.
Costcutter sold to new owners - Evening Telegraph eveningtelegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eveningtelegraph.co.uk Daily Mail and Mail on Sunday newspapers.
The owner of Costcutter has agreed the sale of the convenience store chain to Bestway Wholesale, the UK’s largest independent wholesalers.
Bibby Line Group said it had agreed to sell Costcutter Supermarkets Group (CSG) to Bestway Wholesale, with the deal expected to be completed during the first quarter of 2021.
CSG will continue to operate as before under the new ownership, and approximately 1,500 stores branded under Costcutter, Mace, Supershop, Kwiksave and Simply Fresh will join brands Bargain Booze, Wine Rack and Central Convenience under Bestway Wholesale.
Bibby Line Group said CSG’s agreed sale price will remain “undisclosed”, adding that its sales rose by 10% to £426 million over 2019.