Bibby Retail Services acquires Rhythm & Booze
BRS, the retail division of Bibby Line Group, said it is committed to restoring Rhythm & Booze to its "former glory" and is looking to expand the business.
The company is purchasing all 68 Rhythm & Booze stores from administrators Ernst & Young with 425 employees transferring with the business. This will include founder and managing director Martin Swaine who will retain his current position in the new company.
Nick Ivel, BRS director and CEO of Costcutter said: "Rhythm & Booze is a very well respected business and one that we have long admired.
"Under the stewardship of Bibby Retail Services we are confident that we can quickly re-establish its prominence and implement a robust business strategy that will lead to longer-term growth and expansion. We are committed to expanding our portfolio of company owned stores and this is an important deal that adds a significant number of new sites to the group."
Swaine added: "I am delighted that BRS has purchased the business and that the future of the brand and that of my loyal staff has been secured.
"BRS is committed to giving the business the support needed to revive its fortunes and I will be working closely with the new owners to ensure an effective integration of the business and to drive it forward into the future."
Established in 1993, Rhythm & Booze reported a 28% increase in sales to £50 million in the year to 30 June 2010. However profits fell 26% to £577,000 during the period.
The 68 stores are located across Humberside, Lincolnshire, Nottinghamshire, South Yorkshire, North Yorkshire and West Yorkshire.
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