Bestway Wholesale’s acquisition of Costcutter Supermarkets Group (CSG) from Bibby Line Group has been completed following Financial Conduct Authority approval.
Announced in December 2020, the deal sees CSG and its brands become part of the Bestway Wholesale’s retail division.
When the deal was announced, Costcutter retailers had expressed concern over own label supplies, however in the week following the initial announcement, Bestway Wholesale revealed that the current supply agreement that CSG retailers currently have with the Co-op, has been extended until 2026.
The business will be led by Bestway Wholesale’s managing director Dawood Pervez with Darcy Willson-Rymer, CEO of CSG stepping down from today (19 February)
Speaking of the completion, Dawood Pervez said: “It is with immense pleasure that we can formally welcome CSG into the Bestway family and we are delighted that the expected FCA approval has come through so quickly. We are very much looking forward to supporting the growth of our retailers and helping them excite their shoppers within a competitive marketplace”.
Pervez confirmed that the integration of the two businesses will be led by COO of Bestway Wholesale Naser Khan.
Khan said: “This is an incredibly exciting time as we look ahead and implement plans and lead from a position of increasing strength to accelerate growth and support our customers through seamless integration”.
Pervez added: “The acquisition cements our position as the true home of independent retailers with the breadth of scale and offer that independent retailers need to thrive in today’s competitive market.”