Bibby Line Group // 12th January 2021
In December we were able to share the positive news about the successful conclusion of two long-term projects: the sale of Bibby Distribution to Menzies Distribution and agreed sale of Costcutter Supermarkets Group (CSG) to Bestway Wholesale.
Bibby Distribution and CSG have been a key part of our Group for many years, and as you can imagine, agreeing to sell the companies was a decision not taken lightly. However this is positive news for the Group, representing a strengthening of the Group balance sheet for future investment, and completing the strategic realignment of our portfolio.
And, although we will be sad to say goodbye to our colleagues in these teams, we wish them all the best for the future as they both join new Groups with a long history of sector specific expertise.
Jonathan Lewis, who stepped up from his role as Chief Financial and Strategy Officer to become Group Managing Director from January 1st, is now in position to lead the Group through it’s next chapter with our revised portfolio focused on supporting and growing Bibby Financial Services, Bibby Marine and Garic.
Commenting on the sale of Bibby Distribution, John Cresswell, who was CEO of the Group during the transactions, said:
“Bibby Distribution has built its reputation as a high quality, safe and reliable logistics provider, and since the company was established in 1985, we have seen it grow from strength to strength.
“This strategic realignment of our portfolio represents a strengthening of the Group balance sheet for future investment. I want to thank all our Bibby Distribution colleagues for their hard work and successes, and the value they have added to customers and our Group and we wish them well under new ownership.”
Commenting on the agreed sale of CSG, John added:
“Over the last two years, CSG has transformed itself into a profitable and much stronger business, and I’d like to thank the team for their unstinting commitment and passion for helping independent retailers thrive.
“We hope CSG will continue to prosper and grow as it becomes part of a larger business with deep retail expertise. This is also positive news for Bibby Line Group, completing the planned strategic realignment of our portfolio, further strengthening our Group balance sheet for future investment.”
Whereas Bibby Distribution left the Group immediately, completion of the Costcutter deal is conditional on Financial Control Authority approval which is expected in the first quarter of next year. Until that time CSG will remain part of Bibby Line Group.
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