Conviviality is looking to increase its off-premise presence in the UK, through the purchase of more than 100 convenience stores and franchises.
Conviviality hopes to complete the purchase of 127 off-premise outlets by today's close
The drinks group confirmed earlier today that its Bargain Booze drinks retail subsidiary has offered to buy 109 outlets, as well as franchise rights to 18 more stores, all of which operate under the Central Convenience brand name. The purchase, from WS Retail, carries a price tag of GBP25m (US33.57m).
WS Retail is a subsidiary of Palmer & Harvey McLane, which went into administration late last month.
"We are pleased to have finalised terms for a potential acquisition of Central Convenience as it provides a clear opportunity to accelerate the growth and reach of the existing Conviviality Retail business, notably broadening our geographic footprint in the south and south-west of England," said Conviviality CEO Diana Hunter. "The acquisition, if effected, will support our strategic goal to be the drinks and impulse sector's leading independent distributor.
"We believe that potential exists for a range of synergies and increased returns for Conviviality's shareholders. We look forward to welcoming colleagues from Central Convenience to the Conviviality Group."
If accepted, the deal will close before the close of business today.
The spirits category in 2017 - just-drinks' Review of the Year
Sectors: Beer & cider, Mergers & acquisitions, Spirits, The off-trade, Wine
