Bargain Booze owner Conviviality buys 26 Rhythm & Booze stores
Bargain Booze owner Conviviality Retail’s off-licence empire continues to expand as the group bought 26 Rhythm & Booze stores for £1.7 million.
The stores are mainly in Yorkshire and the North East and will be turned into Bargain Booze, Select Convenience or Wine Rack stores – three of the fascias Conviviality trades under.
Chief executive Diana Hunter said: “This acquisition in entirely in line with our strategy for geographic expansion. The 26 stores provide opportunities for us to extend our reach into Yorkshire, offering growth opportunities for the company and our franchisees.
“The 26 stores provide opportunities to expand our Bargain Booze, Select Convenience and Wine Rack fascias.”
Conviviality paid Rhythm & Booze owner Bibby £1.5 million in cash, while £200,000 is deferred consideration.
Completion is planned for May 16 following a consultation period for transferring staff.
Conviviality believes the move offers existing franchisees an excellent opportunity to expand their portfolios as all stores will be switched to the franchise model.
After floating last year to become a plc, Conviviality took over Wine Rack for £1.6 million. It also recently opened its first Bargain Booze store in Kent as it seeks to dominate its northern heartland and the lucrative southern market.
The board said the new stores will also increase the group's collective buying power.