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Holland & Barrett, a UK health food retailer owned by parent company NBTY Europe, has bought smaller health food chain rival Julian Graves from Icelandic investor Baugur, who snapped up the business in 2003 for £14 million.

The deal encompasses 345 Julian Graves stores and will see NBTY Europe increase its portfolio of stores to more than 1,000.

NBTY Europe currently owns just under 600 stores in the UK, and 71 stores in the Netherlands, while Julian Graves operates from 345 outlets in the UK.

The value of the deal was undisclosed, but is estimated to be between £10 million and £20 million.

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