Following rumours earlier this week, Hyperama has announced the sale of its two remaining cash & carry depots in Nottingham and West Bromwich to the Dhamecha Group.
The move comes after it was revealed last month that Hyperama’s Peterborough site was being sold to London-based Holland Bazaar. This followed the recent sale of its foodservice delivered business Tiger Foods to Giro Foods.
Marcus Singh, the Managing Director of Hyperama, said: “I am delighted to announce the sale of these two depots to Dhamecha Group. I could not have wished for a better business to acquire the sites and take the business forward. Dhamecha is a fantastic operator and has successfully expanded already into the Midlands and I know I am leaving my employees, customers and suppliers in good hands.”
John Kinney, MD of buying group Unitas Wholesale, added: “This is a great acquisition for Dhamecha Group as they continue with their expansion plans outside of London. Knowing the Dhamecha business as I do, I know they will be successful in Nottingham and West Bromwich, and this is only good news for the existing customers in the region and our suppliers who work with them, as I expect to see significant growth from these two sites once the Dhamecha team is fully up and running.”
The two Hyperama depots in Nottingham and West Bromwich will transfer to Dhamecha on 14 November, taking its cash & carry portfolio to 12 branches.
In recently filed accounts, Hyperama outlined the issues impacting its business.
It said: “The group has experienced a challenging year, with the ongoing increases in supply chain and freight costs. This has resulted in the group breaching its covenants during the year. The ongoing economic volatility has impacted upon the group’s post-year end results and has resulted in the directors re-assessing the group’s strategic aims, including a review of each division to assess its overall contribution to the group and to implement efficiencies and streamline costs.”
Hyperama recorded a pre-tax loss of £206,000 on sales down 2% to £141.4m over the year to 31 January 2022.
In contrast, Dhamecha saw its pre-tax profits increase 10% to £19.4m over the year ending 31 March 2022, on sales up 3.5% to £1.1bn.
