TM Retail&'s new management has announced that
it plans to invest heavily in future acquisitions.
Speaking in an exclusive interview with The Grocer, James Lancaster, the CTN and c-store operator&'s chairman, said £50m will be spent on single sites in the next two to three years.
&"We want to expand,&" he said, adding that additional funds will be made available to buy chains should opportunities arise.
&"Consolidation is the name of the game,&" said Lancaster. &"You can either be a consolidator or a consolidatee and we are keen to be a consolidator.&"
He added that both CTNs and c-stores were acquisition targets, although
during the next two years some CTNs will be converted into c-store formats.
The company name is being changed from TM Retail to Martin McColl&'s to reflect the rebranding the company&'s stores are currently undergoing. All CTNs are being converted to the Martin&'s fascia, except
in Scotland where the RS McColl branding will be retained and c-stores are changing over to the McColl&'s fascia. The Dillons, Forbuoys and More fascias will be scrapped with rebranding also taking place inside individual outlets.
James Lancaster and his team of directors took control of the company in September last year in a management buyout that saw the existing owners, Montagu Private Equity and Electra Partners, exit the business for £145m.
Since then little information has been forthcoming in terms of the firm&'s strat-egy, but Lancaster has now broken his silence to put an end to speculation surrounding the company.
&"We&'re not in this for a quick two minute turnover, we&'re in this for the future,&" he said. &"The reason that I haven&'t spoken out until now is because we&'re a private company and haven&'t felt the need to debate. We were concentrating on growing the business.&"
Turn to page 32 to read the full James Lancaster interview
James Durston