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.
Costcutter sold to new owners - The Courier
thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.
Costcutter sold to new owners | Press and Journal
pressandjournal.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressandjournal.co.uk Daily Mail and Mail on Sunday newspapers.
Bestway buys Costcutter group serving 1,500 stores Print
Bestway Wholesale has confirmed it has bought Costcutter Supermarkets Group (CSG) from owner Bibby Line Group.
Bestway said the acquisition, which will complete on approval from the Financial Conduct Authority, follows the improvement in CSG’s financial performance over the last two years.
During the 12 months to 31 December 2019, CSG’s sales rose by 10% to £426m, it said, with sales and profitability continuing to rise throughout 2020 as consumers increasingly shopped locally as a result of the Covid-19 pandemic.
The acquisition takes Bestway Wholesale’s annual turnover to almost £3bn, alongside a symbol, franchise and company-owned store retail estate of more than 3,795 stores in the UK, including 2,682 fascia and 195 company-owned.