Bargain Booze has completed the £25m acquisition of the Central Convenience chain from WS Retail (WSR), a subsidiary of collapsed wholesaler Palmer & Harvey.
The deal includes the acquisition of 109 stores and the franchise rights of a further 18 stores under the Central Convenience fascia.
Bargain Booze owner Conviviality Plc said it would fund the acquisition by raising £30m through the placing of eight million shares on the London Stock Exchange, at a price of 375 pence each.
P&H administrators PricewaterhouseCoopers accepted the offer on Friday (15 December) afternoon, with trading of the shares to begin on Tuesday (19 December).
Conviviality ceo Diana Hunter said: “We are delighted to have completed the acquisition and to have the Central Convenience business join the Conviviality Group. We now welcome our new colleagues and franchisees to the Group. Conviviality Retail now comprises 836 stores, serving more customers in the South and South West of England.”
Central Convenience’s 127 convenience stores include 20 petrol forecourts, stores incorporating 47 Post Offices and 18 franchisee-operated stores.