Irish wholesale group BWG said this year would be its year of growth after a “dramatic” year of disposals in 2003.
BWG group chief executive Leo Crawford said the group was now focused on expanding its three key elements - Spar in the Irish Republic, Bargain Booze and Appleby Westward, the Spar distributor operating in the south-west of England.
No further components of the business would be sold following last year’s disposals of AR Daunt, Bellevue, EV Saxton and J&J Haslett, he said. These non-core assets had a total turnover of E388m in 2003, he reported.
Crawford said BWG’s period of transition was now over, and the remaining businesses were set for significant growth.
Up to 35 new Spar stores would be added in the Republic of Ireland this year, including up to 10 Eurospar stores.
BWG will also open 150 new Bargain Booze franchise off-licences over the next three years, bringing the Crewe based network up to 650 sites.
Crawford said: “With Bargain Booze we are starting to look outside our heartland, and we have held franchise seminars in Northampton, Reading, Hemel Hempstead and in Wales.”
BWG’s buying power and business model allowed it to return profits in a competitive marketplace, he said. The group had already been able to restructure its debts, following non-core disposals, paying off E100m of debt, following the Electra Partners funded management buyout in 2002.
That was expected to reduce interest costs by E4m, and proved that BWG was a good investment, only 18 months into its new ownership, he said.
BWG’s three remaining businesses had a E1,455m turnover over the year to December 2003, he said.
Spar in Ireland had a turnover of E807m, Bargain Booze reported turnover of E438m and Appleby Westward saw sales to its Spar retail members of E210m.
BWG posted operating profit of E37.8m for the year, including discontinued operations.
Anne Bruce
BWG group chief executive Leo Crawford said the group was now focused on expanding its three key elements - Spar in the Irish Republic, Bargain Booze and Appleby Westward, the Spar distributor operating in the south-west of England.
No further components of the business would be sold following last year’s disposals of AR Daunt, Bellevue, EV Saxton and J&J Haslett, he said. These non-core assets had a total turnover of E388m in 2003, he reported.
Crawford said BWG’s period of transition was now over, and the remaining businesses were set for significant growth.
Up to 35 new Spar stores would be added in the Republic of Ireland this year, including up to 10 Eurospar stores.
BWG will also open 150 new Bargain Booze franchise off-licences over the next three years, bringing the Crewe based network up to 650 sites.
Crawford said: “With Bargain Booze we are starting to look outside our heartland, and we have held franchise seminars in Northampton, Reading, Hemel Hempstead and in Wales.”
BWG’s buying power and business model allowed it to return profits in a competitive marketplace, he said. The group had already been able to restructure its debts, following non-core disposals, paying off E100m of debt, following the Electra Partners funded management buyout in 2002.
That was expected to reduce interest costs by E4m, and proved that BWG was a good investment, only 18 months into its new ownership, he said.
BWG’s three remaining businesses had a E1,455m turnover over the year to December 2003, he said.
Spar in Ireland had a turnover of E807m, Bargain Booze reported turnover of E438m and Appleby Westward saw sales to its Spar retail members of E210m.
BWG posted operating profit of E37.8m for the year, including discontinued operations.
Anne Bruce
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