The Phoenix Stores Limited yesterday announced the purchase of neighbouring business Stuart's on Reid Street.

While full details of the sale were not released, a Phoenix Stores spokesman confirmed yesterday that none of the Stuart's staff would be axed.

President of Stuart's on Reid Street, Mr. Edward Rego said: “We are pleased that negotiations with the Phoenix Stores Limited have gone so well.

“Our staff at Stuart's have always been a key to our success, and we are grateful that the Phoenix Stores Limited will offer them employment contracts which will ensure the same friendly, knowledgeable service our customers have come to expect.”

Phoenix Stores Limited president and CEO, George Grundmuller, echoed Mr. Rego's sentiments, and said that Phoenix Stores Limited planned to expand Stuart's line of products, which already include Fuji, Canon, Olympus, Nikon, Pentax and Sony equipment.

The agreement is expected to close at the end of April.

Mr. Grundmuller said: “Negotiations for the sale have been congenial and productive for both parties, and we look forward to integrating Stuart's into our family of stores.”

Mr. Grundmuller said Stuart's on Reid Street will remain at its current location and that he was looking forward to working closely with the impressive team, product suppliers and loyal customers.

Mr. Rego added: “Our distributors are very pleased and happy that the Phoenix Stores Limited will be representing their products, as it will guarantee their continued success in Bermuda.

“We thank all of our customers who have supported us over the years and can assure them that they will be very welcomed at Stuart's under the new ownership”.

The acquisition will add to the Phoenix Store's diversified line of products that include prescription drugs, health and beauty care items, toys, greeting cards and books.

The Phoenix Stores Limited have five stores, including their Reid Street headquarters, Collector's Hill Apothecary, Paget Pharmacy, Woodbourne Chemist, and Clarendon Pharmacy.