Partner Article

Crewe’s Conviviality Retail acquires Chesterfield convenience chain for £6 million

Crewe-based Conviviality Retail Plc, the off-licence and convenience store brand trading primarily under the Bargain Booze fascia,has announced that it will acquire Chesterfield-based GT News (Holdings) Ltd for £6 million.

GTN has 37 stores largely in the East Midlands and Yorkshire. Conviviality also recently acquired the Rhythm and Booze to add to its portfolio.

For the year ended 30 June 2014, GTN generated revenues of £57 million1, EBITDA of £0.9 million and profit after tax of £0.4 million.

Diana Hunter, Conviviality Retail Plc CEO said: “The acquisition of 37 stores from GT News is in line with our stated aim to grow our business into areas which are underserved by our brands.

“Yorkshire and the East Midlands are two such areas and will provide a significant growth opportunity.

“Customers will get even better value for money across all the brands and ranges that they currently buy as well as the additional benefit of a much stronger range of beers wines and spirits.”

This was posted in Bdaily's Members' News section by Clare Burnett .