A Channel Islands-based company has sold its six stores in the Isle of Wight after claiming that pressure from the multiples has prevented it from expanding further.
Channel Island Newsagents managing director Ray Cooper said: "We quickly acquired six stores, but in recent years it has been difficult to add further stores as the UK multiples have become very acquisitive. In the past two years we reached agreement with four store owners to buy their businesses, all of which failed due to high counter offers."
The six stores, which trade under the Spar banner, have been acquired by a family firm on the island, Hunnyhill Group, which will add them to its three existing stores.