Lewis Group has received the go ahead from the Swaziland competition authorities to acquire six Ellerines and Beares stores in the country. This follows the recent approvals for the purchase of 30 Ellerines and Beares stores in Botswana and Lesotho.
The majority of the Ellerines and Beares outlets acquired in the neighbouring southern African countries will in future trade as Lewis stores.
Lewis has operated in Swaziland since 1972 and currently has 15 stores in the country.
Competition approvals are still awaited on the 21 Ellerines and Beares stores purchased in Namibia.
Chief executive officer, Johan Enslin, said the acquisition of the stores in these four countries will effectively double the group’s African store footprint. “Lewis Group has operated in these countries for almost 50 years and has extensive experience in these markets. Once these stores have been integrated into our operations we believe they will make a meaningful contribution to the group’s profitability.”
Lewis Group purchased the Beares brand and 61 stores in South Africa in November 2014 after parent company Ellerines Furnishers was placed under business rescue. The Beares chain has since been expanded to 84 stores in South Africa under Lewis Group’s ownership.
In November 2015 the group announced the proposed acquisition of 61 Ellerines and Beares stores in Namibia, Botswana, Lesotho and Swaziland for approximately R250 million. Source: Press Release