The stake acquired includes the 20% holding of Icelandic Bank Kaupthing, which was involved in the proposed merger between Costcutter and Nisa-Today's. The deal was called off because of opposition from retailer members of Nisa-Today's.

Bibby provides distribution for Nisa-Today's, which supplies Costcutter. Costcutter's management team - executive chairman Colin Graves, managing director Nick Ivel, trading and marketing director Angela Barber and sales and development director David Thompson - will continue to operate the business, but will be joined on the board by three non executives from Bibby.

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