Convenience stores

Six East Yorkshire village convenience stores to become Nisa outlets after takeover of family business

A chain of six convenience stores serving the East Riding villages was purchased.

Family business D&S Retail was behind what have been described as high turnover leases in Cherry Burton, Leven, Skirlaugh, South Cave, Brandesburton and Walkington.

They were bought by Naeem Ahmad, a growing multi-site operator in the north of England.

Read more:Beverley addition for East Yorkshire business behind petrol stations and convenience stores

All are to be refurbished and rebranded under Scunthorpe-headquartered Nisa Symbol Group, following the undisclosed deal, after trading under the CostCutter banner.

A consultant specializing in business real estate, Christie & Co took charge of the sale with complete discretion. It was brokered by regional retail directors James Moore-Martin and Andrew Birnie.

Mr. Moore-Martin said: “I am absolutely delighted to announce the completion of these six convenience stores which formed the D&S Retail group in the name of David, Steve and the Thompson family. These high turnover stores are close together in the East Yorkshire region and are an ideal acquisition for Naeem Ahmad and his family as they expand their portfolio in the North of England.

“We went to market on a semi-confidential basis and invited a host of well-funded buyers to our designated data room after signing the NDAs. After several rounds of offers for the stores individually and as a group of a mix of freelancers and companies, we finally reached a deal above our customers’ expectations, which is a testament to the quality of our marketing, the competitive tension we have created among potential buyers in our database, and the market dynamism of the nationwide convenience retail sector.

Financing for Naeem’s purchase was secured by Lawrence Roberts, Managing Partner of Christie & Co’s sister company, Christie Finance.

He said, “I am very happy for Naeem as it is a fantastic portfolio of well-traded stores, which also has great potential for growth and the introduction of new ranges for the local community to benefit from.”

Former owner David Thompson praised the Christie team for their “beyond expectation support” in meeting the expectations of both parties.

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