Bestway Wholesale has announced a £9.7m profit increase compared to last year’s normal trading due to retailers choosing to do more of their business with the wholesaler.

The company said this was due to its margins “increasing to historic levels”. The profit boost comes despite a 2% fall in overall sales that it blamed on declining tobacco sales and “continuing encroachment of the multiple retailers into the convenience space”.

The company’s overall performance was outpaced by sales to its Best-one symbol group, which rose 12.9%. This coincided with the wholesaler demanding “greater discipline and compliance" among its affiliated stores. The newly-released figures relate to annual sales ending 30 June 2017.

Bestway recently acquired Conviviality’s retail assets including Bargain Booze.

Read more: All about Bestway’s acquisition of Bargain Booze