CINCINATTI, OH and BLACKBURN, U.K. - After announcing its intention to explore strategic alternatives for its convenience store business in October, Kroger entered a definitive agreement with EG Group—a U.K.-based, privately-held gas station and convenience store retailer—for $2.15 billion in February. The deal closed Friday of last week on April 20th. EG group has announced its operational strategy for the 762 convenience stores, operating in 18 states, including 66 franchise operations and 11,000 associates under the following banner names: Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop.
"This announcement represents another momentous chapter in the enterprise journey for EG Group. We now look forward to working with our exceptional U.S. management team and begin to invest in the network in the coming months," said Mohsin Issa, Founder and Co-CEO, EG Group. “We already have established relationships with many leading U.S. retail brands and consumers want to access convenient locations to fulfil multiple fuel, convenience store, and food-to-go missions and stop at those locations that provide excellent welfare to motorists."
EG Group intends to bring a commercial approach to its new retail brand partner in the U.S. and will assess acquired sites in terms of retail potential, beginning with a few locations while developing its comprehension of market dynamics and consumer perceptions, CS News reported. With time, the company aims to provide customers with a safe retail environment, well-lit sites, ample parking, free Wi-Fi, indoor seating areas, and clean bathrooms.
"We aim to invest and transform our locations into branded retail destinations and be recognized as an effective U.S. fuel, convenience store, and food-to-go retailer," said Issa. "I would like to take the opportunity to thank my local team and colleagues from the EG Group, Kroger, suppliers, and our professional advisers who have supported us throughout the whole transfer process."
To follow this transition as it unfolds, keep reading AndNowUKnow.
