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A family-run car seller has sold an electrical superstore to a retailer for an undisclosed sum.
Barretts of Canterbury, which has been based in the city since 1902, has sold its 10,000sq ft Barretts Digital World outfit to electricals and kitchen specialist Stellisons.
All staff in the business have been transferred to the new owner, which has eight stores in East Anglia.
The sale, which was completed on Tuesday, allows Barretts to concentrate on its motor franchise network, with dealerships in Canterbury and Ashford.
Barretts Digital World managing director Shaun Barrett said: “We are delighted that Stellisons, an experienced retailer with the same focus on providing good value and high levels of customer service, will be continuing to serve our customers from our Wincheap site.”
“It wasn’t contributing to the overall profitability of the company anymore but we wanted to do the right thing and sell it rather than shut it down..." - Paul Barrett, Barretts of Canterbury
Barretts first began selling electricals in 1931 and opened its Barretts Digital World store in Wincheap in the early 1990s.
Negotiations to sell the business had been going on since early June after the board decided to focus on motoring, which makes up 95% of the company’s turnover.
Barretts joint managing director Paul Barrett said: “The electrical retailing sector is extremely competitive and the market is very different to the one we entered years ago.
“It wasn’t contributing to the overall profitability of the company anymore but we wanted to do the right thing and sell it rather than shut it down.
“Stellisons is bigger in electrical retailing and is also family owned, with a similar ethos to us.
"They wanted to operate in Kent so this was a neat solution.”
Barretts World Digital will trade under the Stellisons brand following the takeover.