Bestway Wholesale has completed the acquisition of Costcutter Supermarkets Group (CSG) from Bibby Line Group, following FCA approval.
The company said that its managing director Dawood Pervez will lead the business, as Darcy Willson-Rymer, CSG chief executive stepped down on Friday(19).
“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,” Pervez commented .
“We are very much looking forward to supporting the growth of our retailers and helping them excite their shoppers within a competitive marketplace.”
Pervez has confirmed that integration of the two businesses will be led by Naser Khan, chief operating officer of Bestway Wholesale.
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.”
The acquisition, announced in December last year, takes Bestway Wholesale’s annual turnover to almost £3 billion, alongside a symbol, franchise, and company store retail estate of more than 3,795 stores in the UK.
Soon after the agreement for acquisition, Bestway has secured a two and a half year’s extension of CSG’s current supply agreement with the Co-op.
“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,” Pervez said.