Greenalls nets pounds 56m from sale of Cellars
Saturday 30 August 1997
Nader Haghighi, managing director of Cellars, plans to create a national chain of off-licences and convenience stores through acquisitions and new openings.
"We want to develop our existing concepts by creating a national business and we have the financial support to make acquisitions," Mr Haghighi said.
The deal is likely to herald a further bout of consolidation in the industry.
Analysts believe that Cellars could look to acquire chains such as Threshers, owned by Whitbread, Allied Domecq's Victoria Wine, and Oddbins, run by Canadian drinks giant Seagram.
If the expansion plan is a success Cellars is likely to float on the stock market within the next few years.
Cellars has 460 outlets and 3,300 staff. As well as traditional off-licences trading under names such as Cellars and Berkeley, the group includes Wine Cellar, an upmarket wine shop which includes a Continental cafe, and Night Vision, a chain of video shops which sell alcohol. The group made a pre-tax profit of pounds 6.6m in the year to last September.
Greenalls, which made a pounds 13m loss on the sale, has decided to quit the off-licence business because of growing competition from the large supermarket groups.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...