ONE of Britain’s largest franchised off-licence chains has signed a deal that enables it to extend its reach into Yorkshire.
Conviviality Retail has exchanged contracts to acquire 26 stores from R N B Stores, a subsidiary of Bibby Retail Services, for a total consideration of £1.7m.
The stores to be acquired are largely in Yorkshire and the North East, and currently operate under the Rhythm and Booze brand. Conviviality intends to retain all store staff and rebrand the stores under the Conviviality fascia. Completion is planned for May 16, following a consultation period for transferring staff.
In a statement, the company said: “The board believes that the purchase of the RNB stores opens up some key regions in which the company does not currently have a presence and will offer great locations to franchisees. Over time it is the intention to consider transferring stores to the company’s franchise model.”
Five of the stores are freehold properties.
The initial consideration for the acquisition of RNB stores is £1.5m in cash.
Diana Hunter, the chief executive of Conviviality Retail, 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.”