Bibby Line Group is to buy out the remaining share capital of Costcutter “within the next six months” according to the symbol group’s executive chairman Colin Graves.
Speaking at a celebratory dinner to mark Costcutter’s 25th anniversary in Birmingham on Monday night, Graves revealed that negotiations were under way for Bibby to buy the remaining 49% of Costcutter’s share capital, following its acquisition of 51% of the group in 2007.
Graves added that all current directors, including himself, will be signing new contracts to stay on with the symbol group after the completion of the purchase.
“The last 25 years has been something of a rollercoaster ride, and the success of Costcutter has made me tremendously proud,” Graves said at the dinner. “And with Michael Bibby as the new owner, it feels like we are a football team that has been been promoted to the Premiership.”
In his speech, Graves also thanked many former and long-standing colleagues and retailers for their contribution to Costcutter in the past quarter of a century, including Nisa-Today’s founders Dudley Ramsden and Peter Garvin.