Bargain Booze owner buys 37-store estate for £6 million
Conviviality Retail has bought the entire GT News portfolio of 37 stores in a deal worth £6 million.
All 37 stores are located in Yorkshire and the East Midlands, and 17 currently trade as Spar stores.
Most will take on the Bargain Booze Select Convenience fascia over the next few months.
Diana Hunter, chief executive at Conviviality Retail, which owns Bargain Booze, Wine Rack, Thorougoods and BB's Warehouse, said: “This acquisition is in line with our plans for business growth in areas which are currently underserved by our brands. The new stores will provide further opportunities to grow our convenience offering in Yorkshire and the East Midlands and complements our acquisition of Rhythm & Booze.
“Bargain Booze is the best value off-licence-led convenience retailer in the UK, and the new stores are an excellent fit with our existing portfolio. We’re aiming to increase their profitability with greater buying power and marketing expertise, not only on licensed products, but on the hundreds of non-licensed products we have available as well.
“Our prices are on average 10% cheaper than the supermarkets and this is just one of the benefits that helped increase franchisee profits by an average of 10% during 2014.”