Six Teesside stores have been acquired by the SPAR wholesaler for the North.
James Hall & Co has announced the acquisition of North East Convenience Stores (NECS), a 30-store multi award-winning family owned chain based in the North East of England, six of which are on Teesside.
James Hall and Co is a Lancashire-based family-owned business, which was founded in Southport in 1863, and now serves over 600 stores in the North of England.
The Vadhera brothers, Naveen and Sanjeev, have agreed to a sale of their 30 store group.
But they say they will remain with NECS as executive management with NECS becoming a subsidiary of the James Hall group of companies.
NECS managing director Naveen Vadhera 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.”
James Hall boss Andrew Hall added: “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.
Rod Wilkinson, who leads KPMG’s corporate finance practice in the North East, said: “Having known Naveen and Sanjeev for a number of years, we have seen them develop their business into a market leading convenience store operator and wish them well for continued successful leadership under the SPAR brand.”
Marie-Louise Bozonet, partner in Square One Law’s corporate team, added: “The synergy of this acquisition was an attractive proposition for both parties and is good news for the region as Naveen and Sanjeev will be staying on in executive management positions to drive the business forward through expansion.”