Expanding wholesaler buys central Scotland C&C and reports £10m revenue increase.
Glasgow-based wholesaler United Wholesale (Scotland) has acquired M9 Cash & Carry in Falkirk as it pushes ahead with plans to grow its business across Scotland.
United announced the acquisition as it reported a £10m rise in turnover in its latest financial year.
Turnover reached £222m for the year ending December 31, 2014. Pre-tax profit was £2.03m.
The latest acquisition will see the firm take over the M9 unit in October 2015. The company is also in the process of moving into Edinburgh, where it has acquired the 68,000 sq ft Terston House close to the city’s airport.
It has two established sites in Glasgow, the recently expanded Maxwell Road unit on the city’s south side and Queenslie in the east of the city. It also has expanding symbol group operations with 275 stores using the Day-Today fascia and another 150 using its U-Save banner.
Managing director Asim Sarwar said: “The acquisition of M9 Cash & Carry represents a key phase in our strategy for growth.
“It is a well-established operation with a strong customer base and we will be looking to grow sales from the site by 50% in the next 24 months.
“The move compliments our existing portfolio and will also act as the perfect launch-pad for the opening of our Newbridge Depot in Edinburgh, providing greater reach and infrastructure to meet the demands of our customers across Scotland.”
The firm said its increased turnover and £2.03m profit represented a strong performance during a period of continued investment and expansion for the business.
Staff numbers have grown to 240.
Sarwar said: “We are very pleased with the recent financial performance as we make investments which we believe will deliver long-term sustainable growth.
“Our core objective has been always to support our customers in what continues to be a very challenging economic climate.
“By having our customer at the heart of our strategy, we have been able to deliver aggressively on price, ensuring they can compete with supermarkets and larger retailers.