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.


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