Conviviality Retail, a UK-based retailer and owner of Bargain Booze, has purchased Wine Rack stores from Venus Wine & Spirit Merchants for £1.65m.
The purchase includes all the 22 Wine Rack stores. The addition of 22 stores takes Conviviality's total store base up to 633.
The addition of new stores will allow Conviviality to enter into key markets, including London and south east England, and offer wide range of wines to customers.
Conviviality Retail CEO Diana Hunter said this acquisition accelerates their expansion into the wine market, provides the company with additional expertise that will benefit their franchisees and increases their footprint in the south of England, including added scale in the important London market.
"We are looking forward to welcoming the current store teams and Ron Booker to Conviviality, and taking the Wine Rack brand from strength to strength with their involvement," Hunter added.
"The combination of greater buying power for Wine Rack, and increased wine market expertise for Conviviality, make this acquisition a positive move for all concerned."
The company said it wanted to add more sites both in the south of England and in other parts of the country and would look at franchising out the Wine Rack name.
Venus will continue to supply wines to the Wine Rack chain and to Bargain Booze franchisees.
The purchase includes all the 22 Wine Rack stores. The addition of 22 stores takes Conviviality's total store base up to 633.
The addition of new stores will allow Conviviality to enter into key markets, including London and south east England, and offer wide range of wines to customers.
Conviviality Retail CEO Diana Hunter said this acquisition accelerates their expansion into the wine market, provides the company with additional expertise that will benefit their franchisees and increases their footprint in the south of England, including added scale in the important London market.
"We are looking forward to welcoming the current store teams and Ron Booker to Conviviality, and taking the Wine Rack brand from strength to strength with their involvement," Hunter added.
"The combination of greater buying power for Wine Rack, and increased wine market expertise for Conviviality, make this acquisition a positive move for all concerned."
The company said it wanted to add more sites both in the south of England and in other parts of the country and would look at franchising out the Wine Rack name.
Venus will continue to supply wines to the Wine Rack chain and to Bargain Booze franchisees.
