Conviviality Retail acquires GT News
Bargain Booze owner Conviviality Retail has entered into an agreement to buy independent convenience retailer GT News.
GTN operates 37 stores which are mostly in the East Midlands and Yorkshire. For the year ended 30 June 2014, the chain generated revenues of £57 million, EBITDA of £0.9 million and a pre-tax profit of £0.4 million.
In a statement, Conviviality Retail said the purchase will complement its recent acquisition of the Rhythm and Booze chain by improving store density in the East Midlands and Yorkshire to drive logistics and marketing efficiencies.
The majority of the GTN stores will be rebranded under the Bargain Booze or Bargain Booze Select Convenience fascias.
Diana Hunter, Conviviality Retail chief executive, said: “The acquisition of 37 stores from GT News is in line with our stated aim to grow our business into areas which are underserved by our brands.
“Yorkshire and the East Midlands are two such areas and will provide a significant growth opportunity. Customers will get even better value for money across all the brands and ranges that they currently buy as well as the additional benefit of a much stronger range of beers wines and spirits.”
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