“You should never be afraid to copy what your friendly multiple’s latest idea is!”
That advice came last weekend from Paul Delves, MD of leading independent Harry Tuffins. He was commenting in The Grocer’s latest annual survey of the UK’s top 50 independent retailers, in which Harry Tuffin placed 23rd.
Perhaps ‘inspired’ by the example of The Co-op, Midcounties Co-op has hit the acquisition trail, today securing a deal to buy… Harry Tuffins. The news comes just a few months after The Co-op swallowed up another regional stalwart, Scottish indie David Sands.
Ten stores in the Welsh borders come under Midcounties’ aegis as a result of the deal. It’s acquiring a respected - and widely liked - business that has been an active member of Nisa for 30 years. Harry Tuffins is also extremely prominent in the local communities it serves, making it something of a standard bearer for the sector as a whole.
That’s why some observers will be saddened by news of the sale, despite Midcounties making the right noises about staying true to the Tuffins ethos.
“We have plans to significantly invest in the estate but customers and our new colleagues can rest assured we fully appreciate how much this unique group of stores are cherished by their local communities,” Midcounties chief executive Ben Reid said today, promising that all 449 jobs were safe.
“As a member-owned society with values of democracy, openness, equality and social responsibility, we believe the fairer way we do business is an excellent match with the family ethos the company has long adhered to.”
Still, as an online commenter succinctly put in on a local newspaper’s website today - considering Harry Tuffins’ repeated run-ins with one major supermarket over the years, at least the buyer wasn’t Tesco.
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