The chain, which operates the McColl’s, Martin’s, More, Forbuoys and Dillons fascias, has been owned by private equity investors Montagu and Electra since 1995, but in recent years the owners have been looking to exit their investment by selling the company.
Bank of Scotland has provided a £165m debt and equity package for the existing management to take a majority share in TM, giving directors greater flexibility to develop the chain through acquisitions and store improvements.
TM chairman James Lancaster said: “We see significant opportunities for growth in the independent convenience and newsagent sector, and TM is well-placed to profit from the opportunity.”
The company claims to be the biggest independently-owned operator of c-stores and newsagents in the UK, with more than 1,300 outlets trading under the group’s various fascias, and is the country’s biggest home deliverer of newspapers.
The group recently started a sourcing trial with Nisa-Today’s under which it will supply products direct to six TM outlets.
TM has struck a deal with ATM provider Bank Machine that could see cash machines being introduced to the majority of the group’s estate.