A six-strong chain of convenience stores serving East Riding villages have been bought.
Family firm D&S Retail was behind what has been described as high turnover leaseholds in Cherry Burton, Leven, Skirlaugh, South Cave, Brandesburton and Walkington.
They have been bought by Naeem Ahmad, a growing multi-site operator in the North of England.
Read more: Beverley addition for East Yorkshire firm behind petrol stations and convenience stores
All are to be renovated and rebranded under the Scunthorpe-headquartered Nisa symbol group, following the undisclosed deal, having previously traded under the CostCutter banner.
Specialist business property adviser, Christie & Co, handled the discreet sale. It was brokered by regional retail directors James Moore-Martin, and Andrew Birnie.
Mr Moore-Martin said: “I’m absolutely delighted to announce the completion of these six convenience stores which formed the D&S Retail group on behalf of David, Steve and the Thompson family. These high turnover stores are within close proximity of each other in the East Yorkshire region and are an ideal acquisition for Naeem Ahmad and his family as they grow their portfolio across the North of England.
“We went to market semi-confidentially and invited a host of well-funded buyers into our designated data room after signing NDAs. After multiple rounds of bids for the stores individually and as a group from a mixture of independent and corporate applicants, we eventually agreed a deal above our client’s expectations, which is testament to the quality of our marketing, the competitive tension we created amongst prospective purchasers within our database, as well as the buoyancy of the convenience retail sector market nationally.”
Funding for Naeem’s purchase was secured by Lawrence Roberts, associate director at Christie & Co’s sister company, Christie Finance.
He said: “I am so pleased for Naeem as this is a fantastic portfolio of well-trading stores, which also offers plenty of potential to grow and introduce new lines for the local community to benefit from.”
Previous owner, David Thompson, praised the Christie team for "support beyond expectations" in meeting the expectations of both parties.
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