Hyperama Wholesale has sold its remaining cash & carry depots to the Dhamecha Group.
The sale of the Nottingham and West Bromwich sites follows last month’s agreement to offload its Peterborough depot to London-based wholesaler Holland Bazaar.
Both Hyperama and Dhamecha are part of the Unitas Wholesale buying group while Holland Bazaar is a Confex member.
Hyperama said it was expecting to generate £15m from the sale of the three depots.
The company filed results this week at Companies House in which it said that it was currently negotiating the sale of the depots. The business recorded a £206,000 pre-tax loss for the year ended 31 January, having made a pre-tax profit of £837,000 in the year to January 2021.
Turnover across the same period also fell by 2% from £144.6m to £141.4m, though gross margin increased slightly from 11.7% to 11.9%.
“I am delighted to announce the sale of these two depots to Dhamecha Group,” said Hyperama MD Marcus Singh. “I could not have wished for a better business to acquire the sites and take the business forward.
“Dhamecha is a fantastic operator and has successfully expanded already into the Midlands and I know I am leaving my employees, customers and suppliers in good hands.
“I am looking forward now to ‘turning the page’ on to the next chapter of our business development.”
Unitas MD John Kinney said: “This is a great acquisition for Dhamecha Group as they continue with their expansion plans outside of London.
“Knowing the Dhamecha business as I do, I know they will be successful in Nottingham and West Bromwich, and this is only good news for the existing customers in the region and our suppliers who work with them, as I expect to see significant growth from these two sites once the Dhamecha team is fully up and running.
“I am also pleased that Marcus will remain a Unitas Wholesale member with his JK Foods East Asian Foods distribution business. As a longstanding member of Landmark and former board member of Unitas Wholesale, it is great that Marcus will still be involved.”
The two depots will transfer to the Dhamecha Group on 14 November 2022 and take it to 12 cash & carry branches.
Dhamecha recorded a 10% jump in pre-tax profits to £19.4m for the year to 31 March. it grew its sales by 3.5% to £1.1bn for the same period.
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