GT News, the convenience store and newsagents group, which opened its very first shop in Sheffield 110 years ago, has been bought by its management.
The company is one of the largest regional operators of its kind, running SPAR branded convenience stores in city centre and rural locations and GT branded newsagents in the high street and at transport interchanges.
Now based at Barlborough Links
, GT News has been acquired by chief executive Robert Morgan, managing director Mark Titterton and finance director David Clarke with funding from Royal Bank of Scotland.
Mr Morgan said: "We are delighted to have assumed control of the business. We continue to see attractive growth prospects in the market and will follow our organic growth strategy, adding to our portfolio of outlets on a regular basis.
"We have a long standing relationship with RBS and are grateful for their continued support in backing our business plans"
RBS corporate banking relationship director, Tom Broughton, said: "Robert and his senior team have detailed knowledge of the business and market prospects.
"Through both the GT brand and association with SPAR, they will continue to see to extend their revenue streams as they add to the product range that they supply through their stores."
GT was originally part of Sheffield-based H Turner and Son, which also ran a magazine and newspaper distribution business and sports shops.
Turners sold GT News in 2000 to Nottinghamshire-based confectionery group AR Daunt. GT News' management continued to run the chain and Daunt's network of 10 shops from its headquarters in Handsworth.
Turners sold its distribution businessto the Menzies group in 2001.
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FeaturesMore business newsMore Rotherham newsMore Doncaster newsMore Barnsley newsThe full article contains 297 words and appears in Sheffield Star newspaper.
