Convenience Shop eyes April initial public offering
With footfall exceeding 11.2 million and €74 million in revenue, Convenience Shop now has network of 83 outlets
The Convenience Shop Group (the “Group”) traces its origins to 2009, when the first outlet was opened in Zebbug under The Convenience Shop brand. Since then, the Group has established itself as Malta’s largest network of grocery stores, with 83 outlets strategically spread across 48 localities in Malta and a head count of 750 employees.
Grocery store chain Convenience Shop Holding plc has announced it will be offering 7.7 million shares to the public at an offer of 97 cents per share.
The offer prospectus, valid from 1 February to 10 March 2023, is available from authorised financial intermediaries and online.
The Convenience Shop group traces its origins to 2009, when the first outlet was opened in Ħaż-Żebbuġ under The Convenience Shop brand. Since then, the group has established itself as Malta’s largest network of grocery stores, with 83 outlets strategically spread across 48 localities in Malta and a head count of 750 employees.
The group boasts of a selection of over 2,000 different brands from over 140 suppliers, with its increased presence in various localities making its stores an attractive shopping destination for household goods.
Footfall in 2022 exceeded 11.2 million, a 14% increase compared to 2021, with total network revenue climbing from €59.7 million in 2020 to €63.3m in 2021, and now projected to reach €74m in 2022.
“The Convenience Shop Group embraces a philosophy which places a strong emphasis on corporate and social responsibility through financial and other support to various NGOs and vulnerable people. One of the first initiatives in this regard was the opening of ‘The Convenience Shop for Puttinu Cares’ outlet in Qormi in 2019, which operates for the sole benefit of the Puttinu Cares Foundation,” the group said in a company statement.
