Tue, 06 May 2014 | DIVISION SALE
Conviviality Retail is to purchase 26 Rhythm and Booze stores from Bibby Retail Services – half of the 52-store estate - in a deal worth £1.7 million.
Conviviality was advised by Zeus Corporate Finance in Manchester, and will put down £1.5 million initially with a deferred payment of £200,000.
Last week the parent company to Bargain Booze, Conviviality Retail, said it was in discussions to buy up some of the assets of the off license chain located in Yorkshire and the North East.
The buyer said the employees are to be kept on, while the shops will be rebranded and later incorporated into a franchise model.
The shops racked up sales of £13.68 million and net profits of £50,000 for the year to December 2013 for its wine, beer, spirits and other alcoholic and non-alcoholic drinks. Most of the stores are leasehold, with five being freehold with the combined value of £540,000.
Once rebranded, Conviviality is optimistic that the shops will grow in profitability and will also stand to benefit from the group’s buying power. Geographic expansion is the company’s goal for the purchase.
Chief executive Diana Hunter said: “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.”
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