A desire to expand rapidly was the reason Costcutter founder and chairman Colin Graves decided to sell a 20% stake in January 2006 to Kaupthing, the Icelandic bank with interests in the British retail and wholesale sectors. Graves has pledged to continue what he describes as his fightback against the supermarket giants and plans to add to Costcutter’s 1,460 convenience stores. Sales at the North Yorkshire business topped £460m in 2006.
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