Conviviality Retail, one of the UK's largest franchised off-licence chains, has acquired 26 Rhythm & Booze (RNB) stores in Yorkshire and the North East for £1.7m, and will convert them to its Bargain Booze, Select Convenience and Wine Rack formats.
The firm believes that the purchase of the RNB stores opens up some key regions that it does not currently have a presence and will offer great locations to franchisees.
RNB is a retailer of wine, beer, spirits and other alcoholic and non-alcoholic beverages with stores predominantly in the Yorkshire and North East area.
For the year ended 31 December 2013, the 26 stores generated revenues of £13.68m and net profits of £0.05m. Five of the stores are freehold properties, with a combined value of £0.54m, and the remainder are leasehold.
Diana Hunter, Chief Executive Officer, Conviviality Retail Plc, commented, 'This acquisition in entirely in line with our strategy for geographic expansion. The 26 stores provide opportunities for us to extend our reach into Yorkshire, offering growth opportunities for the Company and our franchisees. The 26 stores provide opportunities to expand our Bargain Booze, Select Convenience and Wine Rack fascias.'