The TM Group has bought Martin the Newsagent in a £75m deal.

The enlarged TM Group will have more than 1,420 shops, employing around 13,000 staff.

A spokeswoman for the company said there would not be any job losses because the TM Group and the Martin Retail Group (MRG), were "highly complimentary" businesses.

TM has promised not to close stores in the few high streets or areas with a Martin's and a Forbuoys.

"This is about creating more outlets, not reducing the number of shops in Britain," the spokeswoman added.

The group acquired TOG, the parent company of MRG, which trades as Martin the Newsagent, to enhance purchasing power.

The group will keep the Martin's name as well as the RS McColl brand that MRG operates under in Scotland.

'Great step forward'

A spokeswoman said the deal would also help the TM Group benefit from MRG's computer systems.

As well as neighbourhood newsagents, the new company will now own 200 convenience stores which sell a wider product range.

TM's Chairman and Chief Executive, James Lancaster, said: "The acquisition of MRG represents a great step forward for the group.

"The two businesses have little overlap and the acquisition will give us extensive coverage throughout the UK and the merging of the combined strength will make us a major retailing force."

Martin Retail Group was formed by Guinness in the 1980s after it acquired several retail chains.