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Bargain Booze owner Conviviality toasts GT News takeover

Last updated: 22:27 04 Feb 2015 AEDT, First published: 23:27 04 Feb 2015 AEDT

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Bargain Booze owner Conviviality Retail (LON:CVR) has expanded its off-licence portfolio with the £6mln acquisition of  GT News.

The convenience chain, which also owns Wine Rack, will take control of the entire GT News estate, made up of 37 stores across the East Midlands and Yorkshire.

Crewe-headquartered Conviviality said the purchase complements its recent acquisition of Rhythm and Booze stores and will improve its logistics and marketing operations.

GTN generated revenues of £57mln in the year to June 2014, with a profit after tax of £0.4mln.

Conviviality will rebrand the majority of the 37 stores as  Bargain Booze outlets. 

Chief executive Diana Hunter said the acquisition is in line with the firm’s stated aim to grow the business into areas currently underserved by its brands.

“Yorkshire and the East Midlands are two such areas and will provide a significant growth opportunity,” she said.

“Customers will get even better value for money across all the brands and ranges that they currently buy as well as the additional benefit of a much stronger range of beers wines and spirits.”

Shares in Conviviality climbed 2% to 133p.

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