The Co-operative Group is aiming for a 20% sales uplift at Alldays through an aggressive two to three-year conversion programme to refurbish the entire 637-strong estate.
The society acquired Alldays from receiver PricewaterhouseCoopers in a £131m deal after weeks of negotiations with its banks. Shareholders were paid 5p a share ­ the market price before suspension on Monday ­ valuing Alldays at just over £2m.
"Substantial" amounts of cash will be made available to drive forward the refit programme, said Co-operative Group chief operating officer, retail, Malcolm Hepworth.
To keep to its ambitious schedule, the society would have to refurbish at least one Alldays store every two days ­ no mean feat considering it is still ploughing through a refurbishment programme for its existing estate, expected to take until the end of next year.
However, the society has a good track record of integrating two disparate businesses following the merger with CRS in 2000, and "this move establishes us as the undisputed market leader in UK convenience store retailing, with around 1,700 stores," said Hepworth.
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