Nisa posts profit boost as takeover looms

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Nisa

Convenience store giant Nisa saw a healthy boost in profits for the full year as it considers a potential takeover by Sainbsury‘s.

In the year to April 2, EBITDA jumped 17.8 per cent to £8.6 million, alongside a pre-tax profit of £2.8 million compared to £5.4 million a year prior.

Despite rising profits, sales dipped 2.6 per cent as the collapse of its MyLocal chain and price investment took their toll on figures.

“The uplift in performance throughout 2017 continued to build on the foundations laid in 2016, when  Nisa  returned to profitable growth,” chief executive Nick Read said.

READ MORE:  Nisa members call for CEO to resign amid Sainsbury‘s deal concerns

“It has also helped us to convey a message of long-term sustainability, key to securing the confidence of our banking partners in our recent refinancing discussions.”

Along with acquiring McColl‘s and Bourne Leisure during the year, Nisa is thought to be in talks with Sainsbury‘s who reportedly offered a £130 million takeover bid.

A spokesperson for the retailer said: “Should that party wish to make a formal offer for the company, the board will at that stage determine whether it is appropriate for this offer to be put to members.

“It will then be for the members to determine whether or not they wish to accept the offer.”

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