Bibby Line Group is close to finalising a deal that would see it become the sole owner of Costcutter.
The transport and logistics giant, which bought a 51% stake in the symbol group in 2007, is expected to seal the deal within six months for an undisclosed sum.
Announcing the news at the retailer's 25th anniversary exhibition and gala dinner in Birmingham this week, Costcutter founder and chairman Colin Graves said he could have sold the business to a number of interested parties, including rival symbol groups, but was won over by Bibby's plans for the business.
"They're a family business that invests in the divisions they've got, and one of the key divisions they want to invest in is retail," said Graves.
"They've made that quite clear to everyone. Bibby has come in and they want to expand Costcutter, they want to develop it and they want it to be the catalyst of the sector in the future."
Despite being on the verge of selling his remaining stake in Costcutter, Graves reaffirmed his commitment to the business, adding that as soon as the sale completed, he and his current management team, including managing director Nick Ivel, would sign contracts with Bibby to ensure the continuation of "business as usual".
The impact of Bibby's investment in Costcutter was underlined as the retailer unveiled three new fascias and a new "consumer-friendly" website at the anniversary event. In addition to a modern refresh of the white fascia, it launched a new myCostcutter fascia and announced plans to bring the Kwik Save name back. The new fascias will help the company target the three-tier c-store market, said Graves.
"The newly introduced myCostcutter, with its modern black fascia and focus on quality fresh food, will sit at the top end of the market and compete with the likes of Waitrose and M&S, while the refreshed standard white fascia will sit in the middle and Kwik Save will service the bottom end of the market."
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