Wed, 13 Apr 2011 | BUSINESS SALE
The future of some of the Westgate chain of department stores is set to be secured in a deal currently underway with a fellow major department store operator, thought to be in the range of £7.5 million.
The 19 stores across the UK that operate under the Westgate brand are being sold by their current owners, Anglia Co-operative Society, to the Bournemouth-based JE Beale chain of stores, which already operates 13 stores throughout the country.
The chief executive for Anglia Co-operative, John Chillcott, said that the transaction would mean a secure and exciting time ahead for the stores and all their employees.
"In difficult times the society is pleased to have secured the future of the Westgate Department stores and anticipates minimal disruption and change for customers both during and after the transaction," he explained, lauding the pedigree that Beales will bring to the chain.
He said that Beales is a long-established department store operator, with enviable experience and renown, and that combining the respective store portfolios into one enlarged group made strong commercial sense for both parties. He added that it would also improve the job security for the 900 people currently employed at Westgate stores.
The transaction is expected to be completed by the end of May.
This is a unique opportunity to acquire valuable intellectual property assets from a well-established wholesaler with many years of experience in the discount food and non-food sector in the Midlands.
This is an opportunity to acquire a long-established specialist bakery business, supplying major UK supermarkets and boasting a fully equipped production facility with a skilled workforce.
Discover the rare chance to acquire a specialist UK supplier of marine engines and generators, noted for their leadership in the used marine engine market and hard-to-find parts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.