Member Article

Chesterfield convenience chain GTN acquired for £6 million

Chesterfield-based GT News (Holdings) Ltd, which has 37 stores across the East Midlands and Yorkshire, has been acquired by a North West firm for £6 million.

Crewe-based Conviviality Retail Plc, the off-licence and convenience store brand trading primarily under the Bargain Booze fascia acquired the firm after their recent acquisition of Rhythm and Booze, to add to its portfolio.

For the year ended 30 June 2014, GTN generated revenues of £57 million1, EBITDA of £0.9 million and profit after tax of £0.4 million.

Diana Hunter, Conviviality Retail Plc CEO 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.”

This was posted in Bdaily's Members' News section by Clare Burnett .