The portfolio is expected to be acquired by the group in batches of 20 stores a week over a period of time, which is expected to be around five months. All acquisitions must be completed within seven months.
Jonathan Miller, chief executive, said: “I am delighted to announced the acquisition of 298 quality convenience stores in a transformational deal for McColl’s. This opportunity substantially accelerates our growth strategy and expands our neighbourhood presence for the benefit of our customers.
“These stores are profitable, well invested, and the perfect size for our operating model. We expect the transaction to be significantly earnings-enhancing for our shareholders. I look forward to welcoming all of our new colleagues to the business.”
The stores are located in an extensive range of residential areas throughout the UK, with an average store size of 1,727 sq ft.
Within the portfolio, 116 are freehold properties, 172 are leasehold and the remaining 10 are mixed freehold/ leasehold.
The stores stock a broad range of products including aochol, tobacco, grocery, fresh and chilled foods. The average weekly sales per store last year was £22,000 and the average basket value was £4.98.