Bargain Booze owner Conviviality has acquired 26 stores from Bibby Retail Services’Rhythm and Booze chain for £1.7m.
Conviviality has not acquired the Rhythm and Booze brand name, which will stay with the remaining 26 stores which were not part of the deal. The AIM-listed company said it will rebrand all 26 stores, which are largely based in the North of England.
Conviviality Retail chief executive Diana Hunter said: “This acquisition in entirely in line with our strategy for geographic expansion. 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.”
Rhythm and Booze’s 26 stores posted sales of £13.68m in the year to December 31, on net profits of £0.05m.
The acquisition continues Conviviality’s expansion into the wine market. In September, it inked a deal to acquire Wine Rack owner LCL Enterprises, boosting its store base in the south of England.