Jersey CTN chain Channel Islands Newsagents has been sold to the Channel Island Wholesale Group.
Channel Islands Wholesale Group holds the Spar contract for the Channel Islands and as part of the deal bought 12 of Channel Islands Newsagents’ 13 stores operating under two fascias – a CTN format called Pickwicks and a c-store format called rStore – for an undisclosed sum. The 13th store was bought by the Channel Islands Co-operative Society, also for an undisclosed sum.
Channel Islands Newsagents was put up for sale in March by owner Guiton Group, which publishes the island’s Jersey Evening Post.
Guiton Group said it had set up the business to protect the circulation of the Jersey Evening Post but, following the deregulation of the newspaper distribution industry, had decided to exit retail to focus on publishing.
Property agent Christie & Co, which sold the chain for Guiton, said the stores had produced combined sales of around £9.2m and were strategically located in the areas with the largest population.
“Channel Island Newsagents, having previously converted supply to Spar, were comfortable with the divestment to Channel Island Wholesale Group,” said Daniel Bowyers, associate director for Christie & Co.
Guiton Group owner Claverley Company also sold its 150-store Stars News Shops business to Midcounties Co-operative Society last January to focus on publishing.
Channel Islands Wholesale Group holds the Spar contract for the Channel Islands and as part of the deal bought 12 of Channel Islands Newsagents’ 13 stores operating under two fascias – a CTN format called Pickwicks and a c-store format called rStore – for an undisclosed sum. The 13th store was bought by the Channel Islands Co-operative Society, also for an undisclosed sum.
Channel Islands Newsagents was put up for sale in March by owner Guiton Group, which publishes the island’s Jersey Evening Post.
Guiton Group said it had set up the business to protect the circulation of the Jersey Evening Post but, following the deregulation of the newspaper distribution industry, had decided to exit retail to focus on publishing.
Property agent Christie & Co, which sold the chain for Guiton, said the stores had produced combined sales of around £9.2m and were strategically located in the areas with the largest population.
“Channel Island Newsagents, having previously converted supply to Spar, were comfortable with the divestment to Channel Island Wholesale Group,” said Daniel Bowyers, associate director for Christie & Co.
Guiton Group owner Claverley Company also sold its 150-store Stars News Shops business to Midcounties Co-operative Society last January to focus on publishing.
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