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NBTY Europe, which owns Holland & Barrett, has added 345 Julian Graves stores to its flourishing health food retail portfolio.

Financial details were not disclosed, but an anonymous source has said the deal is worth "between £10m and £20m". Julian Graves was previously owned by Icelandic retail investor, Baugur.

Peter Aldis, MD of the Holland & Barrett group, was quoted in The Telegraph: "We've always identified Julian Graves as a key competitor. The acquisition delivers synergies to the Holland & Barrett group and ensures that through all of its brands, the group continues to be at the forefront of healthy retailing in Europe.

"This will now give us more opportunities to achieve our expansion plans within the UK and Europe," he added.

A spokesperson for Holland & Barrett said: "The name isn't going to change. It will remain Julian Graves, and there will be no job losses."