Independent CTN operator GT News has been bought by Conviviality Retail in a deal worth £6m.
The newsagent has 37 stores in Yorkshire and the East Midlands, of which 17 trade under the Spar fascia.
GT News, which is number 35 on The Grocer’s ranking of the UK’s Top 50 independent grocery retailers, reported a turnover of £27.2m and profits of £436,000 in the year to 30 June 2013, its latest accounts available.
Conviviality Retail said most of the stores would be converted to its Bargain Booze Select Convenience fascia over the next few months.
Chief executive Diana Hunter added that the deal would further strengthen its geographical expansion. “This acquisition is in line with our plans for business growth in areas which are currently underserved by our brands,” Hunter said. “The new stores will provide further opportunities to grow our convenience offering in Yorkshire and the East Midlands and complements our acquisition of Rhythm & Booze.”
It is the second acquisition for Conviviality Retail in less than a year. In May 2014 it acquired 26-store off-licence chain Rhythm & Booze for £1.7m.
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