Store sales

Experienced retailer buys six stores across East Riding

The new owner plans to renovate and rebrand the stores under the Nisa symbol group and enhance the offering that each shop provides.

Retailer Naeem Ahmad, a growing multi-site operator based in the North of England, has bought six high-turnover leasehold convenience stores in the East Riding of Yorkshire.

The stores – in the affluent villages of Cherry Burton, Leven, Skirlaugh, South Cave, Brandesburton and Walkington – were sold by D&S Retail group.

Naeem plans to renovate and rebrand the stores from Costcutter to Nisa and ensure they continue to be a large part of the local communities, by enhancing the offering that each shop provides.

James Moore-Martin, Christie & Co’s Regional Director – Retail North and Scotland, said: “After multiple rounds of bids for the stores individually and as a group from a mixture of independent and corporate applicants, we eventually agreed a deal above our client’s expectations, which is testament to the quality of our marketing, the competitive tension we created amongst prospective purchasers within our database, as well as the buoyancy of the convenience retail sector market nationally.”

Funding for the purchase was secured by Lawrence Roberts, Associate Director at Christie & Co’s sister company, Christie Finance. He said: “I am so pleased for Naeem as this is a fantastic portfolio of well-trading stores, which also offers plenty of potential to grow and introduce new lines for the local community to benefit from.

“The funding package that I was able to secure for Naeem is very unique in its nature, but also a sign to the market that having a broker support you on a purchase is key.”