Sainsbury's acquires UK convenience store group
J Sainsbury is moving towards increasing its share of the thriving UK convenience store market, and has bought six more stores in the East Midlands.
J Sainsbury has acquired JB Beaumont Ltd, a long established neighbourhood convenience store operator with six stores in the East Midlands ranging from 2,220 sq ft to 5,100 sq ft.
For the financial year ended 29th May 2004, JB Beaumont's turnover was £13 million and the value of net assets acquired were £1.2 million.
This is another step for Sainsbury's in its commitment to increase the sales of its convenience stores by £400 million by the end of 2008. In its convenience store portfolio, Sainsbury's currently has 260 convenience stores (before the closure of 12 Locals announced on 19th October this year) which accounts for just over 2% of the convenience store market.
The six Beaumont stores will operate as a separate business unit and will continue to be run by the current management team led by Louise Beaumont. Sainsbury's and JB Beaumont will work together to combine Beaumont's strong local and fresh offer with Sainsbury's knowledge of convenience foods.
Beaumont first began trading as a butcher in Kirkby-in-Ashfield (Nottinghamshire) in 1902.