Value retailer enters convenience market with £152m acquisition
Discount retailer B&M has acquired Heron Food Group's grocery chain of 251 stores in a deal worth £152m.
The deal was completed today (2 August).
B&M boss Simon Arora said the move would add "proven discount convenience grocery brand to our own structural growth story." He pointed out that while the convenience sector was enjoying a period of rapid growth and success, much of it was based on premium-priced products.
B&M said Heron's turnover hit £274m in 2016, with 3 per cent you growth and pre-tax profits of £8.6m.