Bestway has tasked property advisers with selling another batch of stores in its retail division as part of the group’s plan to offload unwanted property.
The first phase of ‘Project Endeavour’ saw Christie & Co bring to market 37 stores in August last year. The latest tranche includes 22 company-owned Bargain Booze, Wine Rack, Select Convenience and Central Convenience stores “that no longer fit Bestway Retail’s future strategy”.
All of the stores were acquired from the administrators of the Conviviality Group in 2018 when Bestway Wholesale created the Bestway Retail operation to manage the assets of the former Bargain Booze chain.
“We are delighted to continue assisting Bestway with the sale of some excellent off-licences and convenience stores,” said Mark Kaluza, director of retail at Christie & Co, who is leading the project.
“As this is now our second tranche of divestments, from our experience of running the first release, these stores will strongly appeal to existing retailers looking to take over management run stores in their local area or new owners looking for their first purchase, having worked in the convenience retail sector for someone else.
“Bestway have been able to offer buyers franchise agreements to trade their Bargain Booze brand to support retailers whilst also being open to sell them free-of-tie to their trading names. There is certainly no better time to acquire a new retail business, when demand from communities is so high.”
Following its acquisition of Costcutter earlier this year, Bestway this week launched a new campaign to recruit independent retailers to its portfolio of brands.
NAM Implications:
- Given the emergence from Lockdown…
- …and the growth of online…
- …rationalisation of their estates has to be top of the agenda for many retailers (& wholesalers).
- With profitability by outlet a key criterion.
- This being but part of a rationalisation process for all survivor-businesses, post-Lockdown.
