Powered by momentummedia
nestegg logo
Powered by momentummedia
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Invest

The next big move for this Aussie investor, shopping favourite

  • July 04 2019
  • Share

Invest

The next big move for this Aussie investor, shopping favourite

By Cameron Micallef
July 04 2019

Woolworths Group Ltd has announced its intended separation from pubs and pokies as it plans to spin off its drinking and hotel entities.

Woolworths

The next big move for this Aussie investor, shopping favourite

author image
  • July 04 2019
  • Share

Woolworths Group Ltd has announced its intended separation from pubs and pokies as it plans to spin off its drinking and hotel entities.

Woolworths

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?

Advertisement
Advertisement

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. 

This email address is being protected from spambots. You need JavaScript enabled to view it.

The next big move for this Aussie investor, shopping favourite
Woolworths
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.