Tesco has agreed to buy convenience store group T&S Stores for £377.3m to boost its presence in the convenience market.
T&S's portfolio of stores includes more than 1,200 shops including 862 convenience stores under the One Stop and Day & Nite facias - and Tesco said it plans to convert more than half to its Tesco Express format.
But the group said it wants to sell-off T&S Stores’ newsagent chain Dillons and its tobacco discount stores Supercig.
Chief executive Sir Terry Leahy said: “The conversion of many of T&S’ stores to the Tesco Express format will create jobs overall and strengthen our presence in many neighbourhoods across the country.”
Under the agreed deal, which would increase Tesco’s share of the convenience store market to 5%, Tesco is offering 2.2414 new Tesco shares for every T&S share held by investors, valuing the business at £377.3m.
The move follows Co-op’s purchase of the Alldays convenience store chain earlier this week.
T&S's portfolio of stores includes more than 1,200 shops including 862 convenience stores under the One Stop and Day & Nite facias - and Tesco said it plans to convert more than half to its Tesco Express format.
But the group said it wants to sell-off T&S Stores’ newsagent chain Dillons and its tobacco discount stores Supercig.
Chief executive Sir Terry Leahy said: “The conversion of many of T&S’ stores to the Tesco Express format will create jobs overall and strengthen our presence in many neighbourhoods across the country.”
Under the agreed deal, which would increase Tesco’s share of the convenience store market to 5%, Tesco is offering 2.2414 new Tesco shares for every T&S share held by investors, valuing the business at £377.3m.
The move follows Co-op’s purchase of the Alldays convenience store chain earlier this week.
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