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Bibby Line Group completes takeover of Costcutter

Retail group Bibby Line has taken full control of convenience store retailer Costcutter.

GENERAL MERCHANDISE

Bibby Line Group completes takeover of Costcutter

The group has acquired the remaining 49% stake in the convenience store chain. Bibby Line previously bought 51% of the Yorkshire based company in 2007 in a deal estimated to be worth around £100 million.

In a statement Bibby said: "Bibby Line Group continues to view this sector as a great opportunity and is really pleased to complete this transaction.

"It has full confidence in the Costcutter management team and is pleased to announce that all of the management team who were previously shareholders have signed new employment contracts to remain with the business.

Nick Ivel has been appointed as chief executive of Costcutter with founder Colin Graves remaining with the business as chairman.

Costcutter has 1,550 stores throughout the UK and reported sales of £640 million for the year to 30 April 2011.

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