New owners for stores
A convenience store chain with a branch in Blyth has been purchased by new owners.
James Hall & Co Ltd, the SPAR wholesaler for the north of England, has acquired North East Convenience Stores (NECS).
The Vadhera brothers, Naveen and Sanjeev, have agreed to a sale of their 30-store group but will remain with NECS as executive management with NECS becoming a subsidiary of the James Hall Group of Companies.
Naveen Vadhera, the managing director of NECS, said: “We are happy to have sold the business to James Hall & Co who completely understand the aspirations and ethos of NECS.”
“We believe the synergies between the two companies will assist NECS as it continues to develop and grow over the next few years.
“Being fit for the future is the challenge for all retail groups at the moment and we believe that with the support and experience of the James Hall team and the strength of the SPAR brand, NECS will be at the forefront of convenience retailing in the years to come.”
Andrew Hall, Managing Director of James Hall & Co. Ltd, said: “We are delighted to have acquired such a successful and fast moving business and we welcome Naveen, Sanjeev and the 400 employees of NECS into the James Hall Group.”
North East Convenience Stores was advised by the Newcastle teams of KPMG and Square One Law.