By Sarah Falson
NORTH BAYSWATER, Vic: Clive Peeters has ‘conditionally’ acquired the Bunbary Betta Electrical store, which will now be labeled Rick Hart, and represents the twenty-second store acquired by the retailer in the last 18 months.
As predicted by Current.com.au in December last year, the Bunbury superstore, owned by Clive and Judy Berryman, will commentce trading in mid-march under the publicly-listed Narta member’s Rick Hart banner.
Clive Peeters Limited managing director, Greg Smith, said, “This is an exciting acquisition for us, providing the Rick Hart Division with its second regional store in Western Australia.”
“The store has only recently been enlarged and refurbished, and will require very little capex investment,” Smith said.
In December 2005, the 950-square metres Berryman’s Betta Electrical and Gas became one of the flagship stores for
the former BSL group which it grew to become a 1350-square metre Bunbury Betta Electrical Superstore.
“We are actively looking for more stores in regional areas of Western Australia to take advantage of the booming WA economy and to reinforce the Rick Hart profile,” said Smith.
Clive Peeters made seven acquisitions in the last 18 months, representing 22 new stores, including the Rick Hart Group in Western Australia and the Michael King store in Victoria in September 2005, the Mornington Bulk store in Victoria, three Megamart stores in Western Australia, and three Betta Electrical stores in Victoria.
A media announcement from the company yesterday called this stream of acquisitions an “aggressive expansion programme,” which follows a $15 million expansion by the group in Western Australia in September last year.
The Berryman store is based in the Homemaker Centre in Bunbury and the contract between the Berryman family and Clive Peeters is expected to become unconditional by 7 March.