Nottingham-based Hyperama plc has sold its cash and carry division based in Peterborough to London-based Holland Bazaar Ltd, as the latter moves forward with long-term plans to expand its tangible presence outside of London.
Hyperama plc is one of the largest operators of cash and carry stores in the UK and has a number of depots across the Midlands. Having undertaken a strategic review, Hyperama had decided to divest of its cash and carry operations.
In order to widen the pool of potential purchasers, Marcus Singh, Managing Director of Hyperama plc, worked with PKF Smith Cooper to carve out and ‘hive down’ its trading business, assets and operations based in Peterborough in preparation for the eventual sale to Holland Bazaar.
Having run a discrete and targeted marketing process, Holland Bazaar emerged as the optimal acquirer as the business was seeking to expand outside London.
Commenting on the transaction, Marcus Singh said: “Peterborough is a predominantly food service-led depot, making Holland Bazaar well placed to take the reins. I am pleased that we have found a purchaser with shared values that will continue to invest in the Peterborough site for the benefit of our staff, customers and suppliers.”
In what was the first corporate acquisition by Holland Bazaar, a company spokesman has been reported as stating: “This is the first foray outside of London for Holland Bazaar, with a new market demographic, different product ranges and a fresh challenge for the business.”
The transaction was funded by Turkish lender Işbank.
