Bibby Line Group has finalised the acquisition of UK convenience retailer Costcutter.
The Liverpool-based business services group purchased a 51% stake in Costcutter in 2007 and in September confirmed it was in the process of acquiring the rest of the business. The deal was announced yesterday (14 November).
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Costcutter said Bibby Line, which operates a diverse portfolio of business including logistics, shipping, marine manufacture and financial services, viewed the convenience retail sector as an “excellent long-term prospect”.
It added: “Bibby Line Group continues to view this sector as a great opportunity and is really pleased to complete this transaction. It has full confidence in the Costcutter management team and is pleased to announce that all of the management team who were previously shareholders have signed new employment contracts to remain with the business.”
Former Costcutter managing director Nick Ivel has taken a new role as chief executive and the retailer’s founder Colin Graves will remain with the business as chairman.
Bibby has also established Bibby Retail Services, a division set up to grow its convenience retail business, which Graves will lead.
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By GlobalData“With the establishment of Bibby Retail Services, Bibby Line Group intends to look for further opportunities to grow its convenience retail business and realise the potential value within this sector,” the statement added.
Costcutter has 1,550 stores across the UK and posted sales of GBP640m (US$1bn) and a pre-tax profit of GBP4.4m for the fiscal year to 30 April.
