By Ronan Hegarty2021-02-19T14:31:00+00:00
Costcutter reported sales for the 12 months to December 2019 of £426m
Bestway Wholesale has completed its takeover of Costcutter Supermarkets Group from Bibby Line Group after receiving approval from the Financial Conduct Authority.
The acquisition, which was announced in December, takes Bestway Wholesale’s annual turnover to almost £3bn, with a symbol, franchise, and company store retail estate of more than 3,795 stores in the UK, including 2,682 fascia and 195 company owned. Costcutter currently operates around 1,500 stores and reported sales for the 12 months to December 2019 were up 10% to £426m.
Bestway Wholesale MD Dawood Pervez will lead the enlarged business while Bestway COO Naser Khan has been charged with overseeing the Costcutter integration.
Bestway Wholesale s acquisition of Costcutter completes
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Bestway Wholesale has agreed a two-and-a-half year extension to the Co-op’s supply agreement for Costcutter.
Bestway confirmed on Friday it was buying the symbol group from Bibby Line Group for an undisclosed fee and today said the contract extension would provide certainty to Costcutter retailers. It means Co-op will continue to supply Costcutter stores, with branded and own-label products via its Nisa supply chain until 2026.
“We know the Co-op/Nisa supply contract is important to our CSG retailers, and we are delighted to announce this extension, which will give additional reassurance that there is no operational change once CSG becomes part of the Bestway family,” said Bestway Wholesale MD Dawood Pervez.