Costcutter owner increases stake in Sainsbury’s days after initial investment
2nd February 2023 | Jack Oliver
The owners of convenience store chain Costcutter has upped its stake in Sainsbury’s less than a week after purchasing £193m worth of shares in the supermarket retailer.
Bestway now controls 4.47% of Sainsbury’s voting rights, having acquired a 3.45% stake on January 27.
The wholesaler said it had no intention to make a full offer for the supermarket when it made its initial investment.
Bestway, which started as a chain of convenience stores in 1963, is now a multinational business with interests in the wholesale, pharmacy, real estate, cement and banking sectors.
The group says it is the seventh-largest family owned business in the UK with a turnover of approximately £4.5bn.