UK: J Sainsbury acquires JB Beaumont convenience stores
UK supermarket group J Sainsbury has announced that it has acquired JB Beaumont, a neighbourhood convenience store operator with six stores in the East Midlands.
For the financial year ended 29 May 2004, JB Beaumont's turnover was £13m (US$24.7m) and the value of net assets acquired were £1.2m. The company said the stores, which range from 2,220 sq ft to 5,100 sq ft, will operate as a separate business unit.
Sainsbury's said the acquisition, which follows that of Bells Stores in February and Jacksons in August, underlines its commitment to grow sales in its convenience business by £400m by the end of 2007/08. Sainsbury's currently has 260 convenience stores, accounting for just over 2% of the convenience store market.
"We are delighted that we have been able to acquire JB Beaumont and increase our presence in the East Midlands. They have quality stores in good locations and it fits perfectly with our new convenience strategy to grow our portfolio of neighbourhood convenience stores," said Jim McCarthy, managing director of convenience at Sainsbury's.
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