Booker Group has completed its £40m acquisition of Musgrave Retail Partners GB, owner of convenience stores Londis and Budgens.
Booker revealed the deal had been finalised in a brief statement today in which it said it was “pleased” with the acquisition.
It means Booker now owns Londis’s 1,630 convenience stores and 167 Budgens franchise outlets. All of the stores will retain the Londis and Budgens facias under the deal.
Musgrave, headquartered in Cork, has seen struggles at its Londis and Budgens businesses in the UK and last year announced a turnaround programme for the chains.
Booker’s takeover of the chains, which received approval from the Competition and Markets Authority (CMA) earlier this month, comes less than two weeks after the group revealed a fall in revenues.
Total sales, including cash and carry wholesaler Makro, slipped 2% in the 10 weeks to August 28, while like-for-likes fell 1.8%. The group pointed to a sharp fall in tobacco sales following the ban on small stores displaying tobacco products.
However, it said it remains on course to meet its full-year expectations.