Midlands-based Hyperama plc has sold its Peterborough-based cash and carry division to Holland Bazaar.
The sale is part of a move by Holland Bazaar to expand its own cash and carry operations outside of its home city of London.
Hyperama is one of the biggest wholesalers of groceries, wines, spirits, tobacco and household goods in the UK and a big importer and distributor of Asian food. It operates depots across the Midlands from its base in Nottingham. Accounts for 2021 showed sales of more than £141 million and a pre-tax loss of £200,000.
Those accounts said recent economic challenges had seen the business launch a major restructure which included the disposal of a number of operations – including the Peterborough cash and carry business – and which between them should bring in £15 million.
Hyperama managing director Marcus Singh appointed the corporate finance team of PKF Smith Cooper to help with the strategic review.
Mr Singh said: “Peterborough is a predominantly food service-led depot, making Holland Bazaar well placed to take the reins.
“I am pleased that we have found a purchaser with shared values that will continue to invest in the Peterborough site for the benefit of our staff, customers and suppliers.
“The expert guidance and support received from PKF Smith Cooper was critical to the successful completion of this transaction.
“The team guided both ourselves and latterly the purchaser through previously unchartered waters and were able to efficiently and effectively resolve complexities as the transaction evolved.
“The sale was tightly managed and the team constantly pushed all stakeholders to ensure that the deal progressed at lightning speed.”
A Holland Bazaar spokesman said: “This is the first foray outside of London for Holland Bazaar, with a new market demographic, different product ranges and a fresh challenge for the business.”
The transaction was funded by Turkish lender İşbank.
PKF Smith Cooper partner Darren Hodson, who worked on the deal alongside corporate finance senior executive Tom Joy and tax advisory partner Gary Devonshire, said: “We are delighted to have secured a successful deal for Marcus and Hyperama.
“This is another great example of the team’s ability to build and maintain momentum to deliver complex transactions at a swift pace.”
Legal advice was provided by Adam McGiveron and Emma Bryant of Penningtons Manches Cooper.
PKF Smith Cooper operates across Derby, Nottingham, Birmingham, and Ashbourne.
