Bestway Wholesale’s takeover of Costcutter completed
The Financial Conduct Authority has approved the Bestway Wholesale acquisition of Costcutter from the Bibby Line Group. Bestway Wholesale’s managing director Dawood Pervez takes over, as Darcy Willson-Rymer, chief executive of Costcutter, steps down.
“It is with immense pleasure that we can formally welcome Costcutter into the Bestway family and we are delighted that the expected FCA approval has come through so quickly” said Dawood Pervez.
“We are very much looking forward to supporting the growth of our retailers and helping them excite their shoppers within a competitive marketplace.”
Both businesses will be integrated, led by Naser Khan, chief operating officer of Bestway Wholesale. He said: “This is an incredibly exciting time as we look ahead and implement plans and lead from a position of increasing strength to accelerate growth and support our customers through seamless integration”.
The acquisition takes Bestway Wholesale’s store retail estate to more than 3,795 stores in the UK – including 2,682 fascia and 195 company-owned – and its annual turnover to almost £3bn.
Since agreeing the acquisition in December, Bestway Wholesale has confirmed that the current supply agreement Costcutter retailers have the the Co-op is extended until 2026.
Pervez added: “The acquisition cements our position as the true home of independent retailers with the breadth of scale and offer that independent retailers need to thrive in today’s competitive market.”