B&M snaps up Heron Food Group for £152m in grocery expansion drive
Discount retailer B&M has splashed out £152million to buy convenience store operator Heron Food Group as it delves deeper into the grocery sector.
B&M, which has more than a dozen stores in Northern Ireland, said it would acquire Heron's 251 stores, which are predominantly located in the north of England.
The purchase will enable the firm to "develop and roll out a complementary, proven and profitable discount convenience grocery brand," B&M said in a stock market announcement.
It added that the combination of the two retailers can deliver a "value proposition" in an expanding sector of the grocery market.
Heron reported revenues of £274.4m last year, earnings of £19.1m and a pre-tax profit of £8.6m.
The business currently employs around 3,800 people.