Distribution group Bibby has acquired a 51% stake in Costcutter Supermarkets Group.
The stake acquired includes the 20% holding of Icelandic Bank Kaupthing, which was involved in the proposed merger between Costcutter and Nisa-Today’s. The deal was called off because of opposition from retailer members of Nisa-Today’s.
Bibby provides distribution for Nisa-Today’s, which supplies Costcutter. Costcutter’s management team – executive chairman Colin Graves, managing director Nick Ivel, trading and marketing director Angela Barber and sales and development director David Thompson – will continue to operate the Features > Business, but will be joined on the board by three non executives from Bibby.