Nisa CEO steps down

Wholesaler and drinks supplier Nisa Retail Limited has confirmed its CEO is stepping down as the company continues on-going acquisition negotiations with convenience retailer The Co-op, in a reported £140 million deal.

Nisa CEO Nick Read will step down after three years in the role which saw a turnaround in the business. He was brought on board the company in December 2014 to steady the ship following an unexpected loss, and along with CFO Robin Brown, took measures to shore up the business. Last year saw a reversal of the previous two years’s losses, with EBITDA up £7.3m, rising to £8.6m in 2017, and profits of £2.8 million.

Read described his time at the company as both “challenging and eventful”.

“I am proud of our collective success in turning the business round.  The return to profitable growth was key to creating the confidence that enabled a sustainable business model for the benefit of all Nisa members,” he said.

The wholesaler, which supplies stock and retail support to around 1,300 local retailers and 3,000 stores and off-licenses across the UK, under both the Nisa fascia and their own names, become the centre of interest after both The Co-op and Sainsbury’s expressed interest in buying it following the surprise announcement that Tesco was set to buy wholesaler Booker.

The Co-op emerged as the front-runner to buy the business in August after Sainsbury’s dropped out of the race, apparently due to concerns that the competition watchdog could intervene in the deal, following its ‘in depth” investigation of the Booker-Tesco deal. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Sales Advisor

The Whisky Exchange
London, UK

Customer Services Administrator

Speciality Drinks
London, UK

Trading Administrative Assistant

Vin-Exchange Ltd
London, UK

Events Sales Executive

The Drinks Business Hong Kong
Hong Kong

On-Trade Regional Sales Manager

Anthony Byrne Fine Wines
West Midlands, UK

Sales Executive

Wine Source
London, UK

Sales – North East England

Liberty Wines
London, UK

Account Manager

Grape Passions Ltd
Hertfordshire, UK

Account Manager Business Development

Gourvid Limited
London, UK

Pink Rosé Festival

Cannes,France
7th Feb 2019

Wine Paris

Paris,France
11th Feb 2019
Click to view more

The Global Fortified Masters 2018

Deadline : 25th January 2019

The Global Pinot Noir Masters 2019

Deadline : 1st February 2019

Click to view more

Rioja Masters 2018

View Results

The Global Beer Competition

View Results

Click to view more