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Grocery wholesaler Blueheath will float on the London stock market in a move that will value it at around £55m. Blueheath, which supplies produce to convenience stores across the UK, hopes its AIM listing will help build the business and boost its buying power.
The company, based in Islington, North London, provides stores with free next-day delivery of fresh produce and applies "supermarket scale" wholesaling to the UK's rapidly growing £40bn convenience store sector.
CEO Douglas Gurr said the flotation would provide Blueheath with the funds necessary for expansion. "We are very excited about the future, the convenience market is growing strongly, and we are the only wholesaler to provide large-scale services to the smaller convenience stores."
Blueheath is thought to be valued at around £40m and hopes to raise around £15m through the flotation next month.
In other European news, French grocery retail giant Carrefour's Proxi Service convenience store business has agreed to take over operation of 58 stores within BP
highway service stations in France. Financial terms of the deal were not disclosed.
Carrefour and oil company BP have had ties since 1998, when they formed a deal for Carrefour to operate convenience stores at 52 BP service stations on other French roads.