Bargain chain’s deal

DISCOUNT retailer B&M has splashed out £152m on convenience store operator Heron Food Group.

B&M said it would acquire Heron’s 251 stores, which are predominantly found in the north of England.

The firm, itself thought to be a takeover target of Asda, said the deal will enable it to ‘develop and roll out a proven and profitable discount convenience grocery brand’ as it steps up its battle with major supermarkets.

Heron reported revenues of £274.4m last year and profits of £8.6m. The business currently employs about 3,800 people.

B&M said it plans to expand and develop Heron through the addition of between ten and 20 new stores each year.