'Super Patel' sells retail chain for £53.7 mn

An Indian businessman, personifying a classic rags-to-riches success story, has pulled off a business coup by selling his convenience stores to a British supermarket group.

India-born and East Africa-raised Jitu Patel has been dubbed 'Super Patel' after Tesco group agreed to pay £53.7 million for his chain of stores trading as Europe, Harts and Cullens.

Patel, a trustee of London's biggest Hindu temple at Neasden, was down on his luck when he arrived in London from East Africa in 1978.

But he worked long, arduous hours to collect the money needed to open his first shop -- that of a news agent -- before branching out and building up a chain of 45 convenience stores across the London area.

A father of three, the 51-year-old Patel qualified as an accountant in East Africa before settling down in London.

"I came here as an accountant, but one day I decided that rather than count other people's money, I should make some myself," he says in a statement.

"I had a vision of a chain of stores, initially maybe 12. "The more money you make, the more you want to make, but then after you've reached a certain point, you do it for the challenge."

"Our business is position, position, position. We have all the prime locations. We have built a successful business and our stores are well located for delivering convenience to our customers."

Managing Director of Asian Trader magazine Kalpesh Solanki told rediff.com that Patel's success was the result of keeping a good balance in his life.

"He devotes lots of his time to the temple and he's also devoted to his customers," Solanki said. "The food-and-drink business is very competitive, but if you work out the type of customer you need to serve, you can build up a good business."

"Like many other Asians, since coming to this country, he has helped turn around the retail sector. Shops used to be closed at lunch times and on Sundays and now they are open much, much more convenient hours," says Solanki.

Tesco, the United Kingdom's largest supermarket chain, is on an expansion spree and plans to absorb the Patel chain into its city centre outlets known as Tesco Express.

Commenting on their latest acquisition a Tesco spokesman said, "It was clear to us that the stores had been built up as a fantastic business and were hugely popular with customers. It was a natural fit for us."