Mutual retail & services business The Co-operative Group is to acquire 10 Costcutter stores as it seeks to expand its portfolio and save some 180 jobs in the process, it has been announced today.
Located throughout London in Southwark, Tower Hamlets, Hackney and Brentford, the stores are all currently branded as Costcutters though will transfer to Co-op stores and aim to be open for trading by Christmas.
Following an investment of £3 million, all stores are set for a full refit and staff currently employed at the units will be offered the opportunity to transfer to The Co-operative.
Operating in high street and local community locations, the stores have been acquired either leasehold or freehold and are between 2,000 sq ft and 4,000 sq ft.
Steve Murrells, The Co-operative’s Food Retail CEO, said of the move: “This acquisition marks another important step in our plans to expand and follows our acquisition of the David Sands chain in Scotland earlier this year and the opening of a large number of new stores across the country.
“These stores are in excellent locations across central and Greater London and they will complement our existing store network in the capital and will be valuable additions to our portfolio.”