Bibby Retail Services (BRS) has bought the Rhythm amp; Booze independent specialist off licence chain from its administrators and says it intends to significantly expand the wholesale side of the business.
Nick Ivel, director of Bibby Retail Services and chief executive of Costcutter Supermarkets Group, said: “Rhythm amp; Booze is a very well respected business and one that we have long admired. Under the stewardship of Bibby Retail Services we are confident that we can quickly re-establish its prominence and implement a robust business strategy that will lead to longer-term growth and expansion. We are committed to expanding our portfolio of company owned stores and this is an important deal that adds a significant number of new sites to the group.”
The deal sees Bibby Retail Services purchasing all 68 stores from administrators Ernst amp; Young with 425 employees transferring with the Features > Business, including managing director Martin Swaine who will retain his current position in the new company.
Ivel added: “I am delighted that Martin is remaining with the business. He is hugely respected within Rhythm amp; Booze and the industry as a whole. His knowledge and skills will be invaluable, allowing for a smooth and quick integration into Bibby Retail Services. This deal has secured 425 jobs and also ensures that the Rhythm amp; Booze brand survives, which is excellent news for suppliers and customers. We see huge potential for growth in this Features > Business, through the stabilisation of the current retail offer and via the expansion of the wholesale division, which we will achieve through continuing to work in partnership with our many valued suppliers.”
Martin Swaine, founder of Rhythm amp; Booze, commented: “I am delighted that Bibby Retail Services has purchased the business and that the future of the brand and that of my loyal staff has been secured. Bibby Retail Services are committed to giving the business the support needed to revive its fortunes and I will be working closely with the new owners to ensure an effective integration of the business and to drive it forward into the future.”