Talking Retail Grocery and product news for independent retailers
Bestway, which operates Costcutter, Best-one and Bargain Booze in the independent convenience sector, now has a 3.45% stake in Sainsbury’s.
It has indicated that this is purely an investment and is not a prelude to a takeover attempt.
In addition to its convenience and wholesale companies, the Bestway group owns businesses in sectors including pharmacy, property, cement and banking.
Large parts of its business are based in Pakistan as well as the UK.
The group also published its accounts for the year ending June 2022 this week, which reported a growth in turnover to £4.51bn with a pre-tax profit of nearly £400m.
The Bestway purchase gave a boost to Sainsbury’s shares, which rose 5.2% on the news.
