30 April 2018 – acquisition of agricultural stores
The company has reached an agreement with the administrators of Countrywide Farmers plc to acquire the business and assets of eight stores from Countrywide’s network of country outlets. The total initial consideration will be £0.8m, payable in cash on completion, to be adjusted for stock valuation. Five of the stores are located in Devon and Cornwall, so their addition strategically extends Wynnstay’s geographic reach in the South West of England. The other stores are in Shropshire, Monmouthshire, and Oxfordshire. This takes the total of Wynnstay Country Stores from 52 to 60. We continue to rate the shares as a BUY.