Transport and logistics giant Bibby Line Group has taken full control of Costcutter.
Bibby bought a 51% stake in the c-store chain in 2007 and revealed in September that is was close to finalising a deal for the remaining stake.
As part of the deal, Bibby has created the new subsidiary Bibby Retail Services, which will be run by Costcutter chairman and founder Colin Graves. Costcutter MD Nick Ivel becomes chief executive of Costcutter.
Bibby called the deal a “great opportunity” and said it was looking at further opportunities to grow the business and realise the potential value of the sector.
“Bibby Line Group will support the Costcutter management team in continuing to put retailers at the heart of the business and ensure that the organisation has the best people to deliver the best support for retailers to maximise throughput in their stores,” the company said in a statement.
Costcutter’s Colin Graves: ‘Bring on the next 25 years!’ (17 September 2011)
Bibby in line to become sole Costcutter owner (16 September 2011)