Costcutter, which used to belong to Bibby Line, will now become part of Bestway Wholesale’s Retail Division.
Costcutter has enjoyed a strong year, with their sales increasing by as many as 10 per cent to around £426M, while EBITDA has increased by more than £9M. The deal will see around 1500 Costcutter store’s join Bestway’s portfolio which already consists of Bargain Booze, Best-One and Wine Rack.
Bestway’s Managing Director, Dawood Pervez, commented: “The acquisition of CSG by Bestway Wholesale enables us to further build on our solid foundations in Independent Retail, allowing us to expand on our already established, and highly respected, fascias and national network of stores.”
The deal, which will take Bestway’s turnover to nearly £3bn, is expected to be complete in Q1 of 2021, subject to approval from the Financial Conduct Authority. The payment sum has not yet been disclosed.
