Costcutter Supermarkets Group signed a secret deal with an unnamed partner to launch branded stores into a new overseas market last year. The move was uncovered by Better Retailing through a note in the company’s annual accounts.
In the trading report for the year ending 29 December, the company said it had received £1.5m of “proceeds from an intellectual property assignment and licensing agreement outside of the UK”.
Costcutter increases charges and minimum order requirements
When asked by Better Retailing which country the agreements covered, a spokesperson was unable to disclose further details due to confidentiality agreements.
Results for the year showed that UK sales grew annually from £382m to £421m, while store count remained flat at 1,550 shops. Costcutter’s earnings returned to profit.
Read more stories about Costcutter
Comments
This article doesn't have any comments yet, be the first!