// Bestway Group increases its stake in Sainsbury’s to 4.47%
// The wholesale group is now the fifth largest shareholder in the big four grocer
Costcutter owner Bestway Group has upped its stake in Sainsbury’s to 4.47% just less than a week after it first acquired shares.
The move will see the wholesale giant become the fifth largest shareholder in the Big Four grocer.
On Friday, Bestway snapped up a 3.45% stake in Sainsbury’s in a deal worth around £193m.
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The group said the interest in the grocer was for investment purposes and may seek to purchase more shares “from time to time”.
It added it was not considering a takeover offer at this time.
The move has sparked speculation that the wholesale giant, which also owns Well Pharmacy, wants to use its stake as leverage to get the grocer to team up in pharmacy retail.
Last month, Lloyds pharmacy announced it was closing all of its 237 branches inside Sainsbury’s putting 2,000 jobs at risk.
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