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The next big move for this Aussie investor, shopping favourite
Woolworths Group Ltd has announced its intended separation from pubs and pokies as it plans to spin off its drinking and hotel entities.
The next big move for this Aussie investor, shopping favourite
Woolworths Group Ltd has announced its intended separation from pubs and pokies as it plans to spin off its drinking and hotel entities.
Woolworths’ combined hospitality businesses, Endeavour Drinks and ALH Group, will create Australia’s largest integrated drinks and hospitality company, with sales nearing $10 billion. Woolworths will then pursue a separation from that company.
“The board believes that a merger of Endeavour Drinks and ALH followed by a separation is in shareholders’ best interests and will benefit customers and team members of both groups,” said Woolworths group chairman Gordon Cairns.
The separation is expected to take place in calendar year 2020.
What’s getting the boot?
Alcohol brands included in the Woolworths separation include Dan Murphy’s, BWS, Cellarmasters, Jimmy Brings, Langton’s and Pinnacle Drinks.
The hospitality side of the business will include 1,000 bars, night clubs and themed areas, 295 venue restaurants and 740,000 hotel rooms through 2,000 venues, 286 venues with gaming rooms, 391 function rooms and 100 venues hosting live ticketed events.
With moves like this, Woolworths CEO Brad Banducci believes the company is rebuilding its core.
“Over the past three years, we have progressively moved from a period of fixing the basics as part of our turnaround to investing for the future as part of our transformation,” he said.
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