First Stop News, the parent company of CTN chain Rippleglen, has acquired the 20-store York-based newsagent chain Maynews.
The acquisition will boost First Stop News’s store estate to 125, with a combined turnover in excess of £90m. It is the second biggest CTN operator in the UK, trading under the Supernews, Arden News and News Shops fascias.
Maynews was established in 1984 when managing director Tony Wright bought several branches in Yorkshire and the West Country from the confectionery manufacturer Maynards. Wright said the sale was in the “best interests of the company” and would ensure growth in the challenging years ahead.
“Our primary consideration was the protection of jobs for our loyal, long-serving staff and as one of the largest, specialist CTN operators in our industry, First Stop News was the best placed company to fulfil our aspirations,” Wright added.
First Stop News executive chairman Mike Colley told C-Store the acquisition would help the company further expand into the news trade, which has proved to be a growing and profitable category.
“Our business continues to be very much newsagent-based, and both shop sales and home news delivery are definitely getting a second wind,” he said.
First Stop News recently completed the roll out of its new High Street discount format, trading as Supernews discount, and Maynews stores will be re-merchandised in the style of either Supernews discount, express, or local depending on their positioning over the coming weeks.
Colley added that two of the Maynews sites also offered “exciting opportunities” to be converted into full convenience outlets.