J Sainsbury plc today announces that it 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.
The acquisition follows that of Bells Stores in February and Jacksons in August and underlines Sainsbury’s commitment to grow sales in its convenience business by £400 million by the end of 2007/08. In its convenience store portfolio, Sainsbury’s currently has 260 convenience stores, which accounts for just over 2% of the convenience store market. (1)
The six stores will operate as a separate business unit and will continue to be run by the current strong 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.
Jim McCarthy, managing director of convenience at Sainsbury’s said, “We are delighted that we have been able to acquire JB Beaumont Ltd and increase our presence in the East Midlands. They have quality stores in good locations and it fits perfectly with our new convenience strategy to grow our portfolio of neighborhood convenience stores."
Louise Beaumont, managing director of JB Beaumont Ltd said, “We are entering a new and exciting era at Beaumont and this agreement is in the best long term interests of the business and staff. We’re delighted to be working alongside Sainsbury’s and this deal will enable us to continue to grow our business, enhance our customer offer and preserve our local identity.”
Notes
1. Sainsbury’s has 260 convenience stores before the closure of 12 Locals announced on 19th October 2004.
2. JB Beaumont is owned and run by the Beaumont family and one non-family member and is currently number 48 in the Grocer Top 50. The company first began trading as a butcher in Kirkby-in-Ashfield (Nottinghamshire) in 1902.
3. The six JB Beaumont stores are located in Cotgrave; Bingham; Keyworth; Long Eaton; Chilwell and Gedling.
4. All 193 staff will transfer with the business
