Coles strikes $200m pubs and liquor deal

First Choice LiquorColes has entered into a $200 million deal with private equity-controlled Australian Venue Co (AVC), splitting the operation of its hotels and bottle shops business.

Under the joint venture, AVC will manage the day-to-day operations of the 87 hotels that comprise Coles’ hotel and gaming business, Spirit Hotels, and will receive the economic benefit of this business.

AVC, which is majority owned by US private equity firm Kohlberg Kravis Roberts (KKR), is a highly experienced operator of hospitality assets, Coles said in a statement to the ASX on Tuesday.

Coles will continue to manage the 243 retail liquor stores in Queensland and 10 retail liquor stores attached to its hotels in Western Australia and South Australia which operate under the Liquorland, First Choice Liquor Market and Vintage Cellars brands. Coles will receive the economic benefit of this business.

Coles liquor stores outside Queensland will be unaffected by the transaction.

Comments

1 comment

  1. Avatar

    John Medlicott posted on March 5, 2019

    Well I hope they clean that Bribie Island Hotel reply

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

As FY18 draws to a close, how would you describe your company's full-year results??

Twitter

.@Wesfarmers to purchase @catch_au for $230 million, with @Kmart_Australia and @Targetaus to benefit from the marke… https://t.co/RNsoNC7H0R

1 week ago

Australian brand house #Gazal acquired by @PVHcorp in order to have greater control over its brands, such as… https://t.co/lHAdi7mKmg

2 weeks ago

Two thirds of Aussies are looking for discounts online says @PayPalAU, while retailers seek to slow price markdowns… https://t.co/54hjxgpGax

3 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered