The Co-operative Food has bought five Budgens stores from Kash Jaffar in addition to two Londis stores.
Three of the Budgens stores are in Milton Keynes and the other two are in Luton and Brackley, leaving Kash with three remaining Budgens stores in the Milton Keynes area. The Londis stores are in Milton Keynes and Sandy. All sites will reopen as Co-operative Food stores by 5 December.
The acquisitions are part of the Co-op’s plans to open 100 new stores a year across the UK. Existing staff will continue to work in the stores, and the Co-op expects to create an additional 15 jobs.
Stuart Hookins, director of portfolio and development at The Co-operative Food, said: “This transaction further underlines our commitment to our new store development programme. We are delighted to have acquired seven trading stores from Kash Jaffar and look forward to extending our customer base in Central England.
“Over the coming years our focus will be to continually develop and grow our existing convenience store estate, and these stores represent another step forward in this direction. Our focus is on convenience stores as we look to highlight our strengths and consolidate our position as number one in the competitive convenience market.”
Peter Ridler, managing director of Musgrave Retail Partners GB, the owner of the Budgens and Londis brands, said: “We have been working closely with Kash on the future direction of his business and how we can make the most of our partnership. He has decided that this is the right time to sell some of his smaller Budgens and Londis stores and this will allow Kash to focus on his three Budgens stores in the Milton Keynes area. Kash has a strong reputation in Milton Keynes and we are pleased that he will continue to be a Budgens retail partner.”
Kash said he wanted to focus on his three stores in Milton Keynes. “I have been a Budgens retailer for over 10 years and achieved significant success during this time. I am very positive about the direction the Budgens brand is taking. I look forward to continuing to work with Musgrave to bring great local products and services to my valued customers in Milton Keynes,” he added.