Retail group BWG is selling Nottingham wholesaler AR Daunt for about €10 million. The sale, to be formalised on May 2nd, will complete the €32 million disposal by BWG of three British distributors, all members of the Key Lekkerland symbol franchise.
The business has been bought by WM & HM Young Ltd, the Leeds-based Lekkerland wholesaler. BWG, holder of the lucrative Spar and Mace franchises in the Republic, has declined to reveal the selling price but it is estimated at €10 million.
The company has been trying to offload its Key Lekkerland interests recently as it focuses on its two key UK interests, the Bargain Booze discount off-licence chain and Appleby Westward, Spar distributor for the south-west of England. It is also embarking on an aggressive expansion in the Republic, with 53 Spar and Mace stores opening this year.
Last week the group sold Essex-based Key Lekkerland member EV Saxton Ltd to AC Ward & Son Co Ltd for €9 million. In November, it disposed of T&A Symonds, another Key Lekkerland firm, for around €13 million.
BWG was subject to a €220 million management buyout from French drinks group Pernod Ricard, led by chief executive Mr Leo Crawford and backed by British private equity firm Electra Partners Europe.
"We are very pleased to have reached agreement with WM & HM Young Ltd to purchase AR Daunt," said Mr Crawford.
BWG's turnover in 2001 rose 14 per cent to 685.4 million, according to the most recently available data, and pre-tax profits rose 20 per cent to 18.3 million.
