Co Cork-based grocery retailer and wholesaler the Barry Group has completed its acquisition of the Carry Out off-licence business for an undisclosed sum.
The Carry Out chain has 52 stores nationwide and an estimated 35 per cent share of the specialist off-licence market. It was previously owned by Cork-based group, Galvin's Wholesale , which went into examinership in September. Galvin's wholesale went into receivership earlier this month and Barry Group has acquired the Carry Out business from the receiver.
The Barry Group, which operates the Costcutter and Quick Pick grocery store franchise, said it expects the takeover to add €42million its annualised turnover of €212.5 million.
"This takeover represents a substantial investment and a significant milestone for The Barry Group as we look to build our footprint in the mainstream off-sales sector," said managing director Jim Barry.
"We believe that this deal will allow us grow our scale and leverage our increased buying power across all our selling channels," he added.
The Barry Group, which operates from a 125,000 sq. ft central distribution centre in Mallow, employs 218 staff and supplies product to over 700 stores including 230 affiliated stores operating under the Costcutter, Buy Lo and Quik Pick brands.
In September, it reported sales for the year to the end of January which were up 4 per cent on 2008. Overall group profit before tax rose to €2.67 million despite what the group called "challenging conditions."
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/016623f1-a68b-427c-b57b-ea9950f2c2e4.png)