to Become ‘Tesco Express’
High Road to get an additional ‘big name’ chain
In a deal
worth over £53 million, Tesco announced today their intention to
buy the convenience chain store Adminstore Ltd. The deal will see Tesco
take over 45 neighbourhood convenience shops who presently trade under
the names Europa, Cullens and Harts.
For Chiswick, this means that the Cullens store on the High Road will
now become ‘Tesco Express’ with the promise of ‘lower prices, improved
choice, range and service’.
Adminstore’s Managing Director Mr Jitu Patel, who began the company in
1979 as ‘Crispins Food & Wine’ said "This is good news for us.
We have built a successful business and our stores are well located for
delivering convenience to customers. Tesco's knowledge and skills will
take our stores to even greater heights in the years to come."
Jitu Patel along with brothers Naresh and Mahesh Patel, will all become
multi-millionaires through the deal. Last year, Adminstore reported turnover
of £72.8 million and profit before tax of £2.1 million.
In response to concerns that loyal local customers may not welcome yet
another chain store in their community, Mr Jitu Patel accepted that there
would be certain consternation but stated, "The service and range
offered by Tesco will definitely serve customers well."
January 22, 2004