McColl’s Retail Group has continued its expansion in the convenience sector with the acquisition of five c-stores in the Exeter area.
The five stores - four in Exeter and one in Exmouth - are leasehold units acquired from Exe Trading Ltd and all previously traded under the Nisa banner. Christie & Co enabled the transaction.
According to its preliminary results issued last month, McColl’s acquired 60 new stores during the financial year ending 30 November 2014, taking its total storeholding up to 1,315 outlets, and six more in the first quarter, including opening its 800th c-store in December. The company also spent more than £8m in store conversions and refits during the financial year, as part of a programme to incorporate wider and more premium convenience ranges into its estate, and incorporate more Post Office Local counters.
McColl’s chief financial officer Jonathan Miller said: “This acquisition of multiple stores is excellent news for McColl’s and will bring us one step closer to our stated goal of 1,000 stores by 2016. Our relationship with Christie & Co was an integral part of achieving such a multiple acquisition and we look forward to working with them in the near future.”
Steve Rodell, head of retail at Christie + Co, added: “Jonathan Southgate in our Exeter office developed the initial conversation with Mike Bird. We are working closely with McColl’s around the country to assist in their ambitious growth plans and know that they are well placed to secure deals ranging from individual stores through their own acquisitions team, to larger corporate deals following their flotation last year.”