Nisa shareholders of new Co-op takeover

Co-operative Group

The shareholders in the Nisa convenience store group have approved the chain’s £ 137m acquisition by the co-operative Group.

The treatment was strictly copy, the winner of 75.79% of shareholders ‘ votes at an emergency meeting. The bid needed to be supported by 75% of shareholders.

Nisa is a member-owned business that has more than 3,000 stores and operates a wholesale business.

The board said that a deal was in the “best interest” of the members.

Nisa chairman, Peter Hartley, said: “The convenience store environment is rapidly changing, and lacks that which existed at the time of Nisa was founded over 40 years ago.

“The co-op to add the buying power and the range of products on our offer, respecting our culture of independence”.

Under the agreement, Nisa members will have the option of choosing not to buy the products through the Co-op.

The retail industry is in a period of consolidation.

A change in shopping habits, fierce competition from the likes of Aldi and Lidl, and the arrival of Amazon has led to retailers like the Co-op looking to boost their business by buying food wholesale.

Tesco is awaiting the results of a deep investigation of the competition in its proposed £3.7 bn takeover of the biggest giant of Booker, which supplies goods to convenience stores, bars and restaurants.

Nisa has almost 1,200 members, which operates 3,400 stores between them face an increased competition, rising rents, the crackdown on tobacco sales and the increase in food inflation.