Image source: Sainsbury’s
It has just been confirmed that British wholesale group Bestway Wholesale Ltd. has officially increased its ownership stakes in the UK’s second-largest supermarket chain Sainsbury’s.
In a filings report that came out this week, findings show that Bestway Wholesale has indeed improved its holding in the popular grocery branch to 4.47%. Sainsbury’s stock has now also risen in the market after the purchase of the shares. Bestway Wholesale is believed to have purchased some 20 million more shares in the publicly listed grocery chain, worth around 60 million pounds. Bestway’s bid of around £200 million for the improved stake has been accepted and is now set to make them the sixth-largest investor in the company.
Bestway Wholesale Ltd. is the UK’s biggest independent cash and carry company. They supply more than 70,000 retailers nationwide and are the industry leader in the field of food and drink distribution in the UK. Bestway is a family-owned business founded in 1976 by Pakistani native Sir Anwar Pervez. It has an estimated UK turnover of around 4.5 billion pounds.
The news comes just a few days after Costcutter (A subsidiary of Bestway) announced that it had increased its stake in Sainsbury’s to almost 3.5%. The wholesale giant has stated that the purchase of shares is simply an investment and claims to have no further plans for a takeover of the Sainsbury’s supermarket company. This does not mean that they won’t look to increase their shareholdings in the future if the timing is right and share price and availability are favorable.
Bestway Wholesale has expanded its business reach greatly in the last few years with acquisitions such as Costcutter, the Well Pharmacy group, and others. Not to mention, they are also the nation’s largest pet supply specialists.
With Sainsbury’s revealing its record sales figures for Christmas 2022 and enjoying another spending boom during the FIFA World Cup, the increase in shareholding Betway now holds in the supermarket chain, could prove to be a financially rewarding investment moving forward.
Image source: Sainsbury’s
It has just been confirmed that British wholesale group Bestway Wholesale Ltd. has officially increased its ownership stakes in the UK’s second-largest supermarket chain Sainsbury’s.
In a filings report that came out this week, findings show that Bestway Wholesale has indeed improved its holding in the popular grocery branch to 4.47%. Sainsbury’s stock has now also risen in the market after the purchase of the shares. Bestway Wholesale is believed to have purchased some 20 million more shares in the publicly listed grocery chain, worth around 60 million pounds. Bestway’s bid of around £200 million for the improved stake has been accepted and is now set to make them the sixth-largest investor in the company.
Bestway Wholesale Ltd. is the UK’s biggest independent cash and carry company. They supply more than 70,000 retailers nationwide and are the industry leader in the field of food and drink distribution in the UK. Bestway is a family-owned business founded in 1976 by Pakistani native Sir Anwar Pervez. It has an estimated UK turnover of around 4.5 billion pounds.
The news comes just a few days after Costcutter (A subsidiary of Bestway) announced that it had increased its stake in Sainsbury’s to almost 3.5%. The wholesale giant has stated that the purchase of shares is simply an investment and claims to have no further plans for a takeover of the Sainsbury’s supermarket company. This does not mean that they won’t look to increase their shareholdings in the future if the timing is right and share price and availability are favorable.
Bestway Wholesale has expanded its business reach greatly in the last few years with acquisitions such as Costcutter, the Well Pharmacy group, and others. Not to mention, they are also the nation’s largest pet supply specialists.
With Sainsbury’s revealing its record sales figures for Christmas 2022 and enjoying another spending boom during the FIFA World Cup, the increase in shareholding Betway now holds in the supermarket chain, could prove to be a financially rewarding investment moving forward.
