Date set for Woolworths, Endeavour split
Woolworths Group will separate its Endeavour Group, likely via a demerger, in June, 2021.
The proposal was delayed a year ago due to the COVID-led uncertain operating environment.
“Despite postponement, work continued to prepare Endeavour Group to operate as a standalone business and the partnership agreement with Woolworths Group were completed and implemented,” a statement said.
The group has been active in the market, too, recently picking up Eden’s Great Southern Inn for a speculated $5 million.
Last year it purchased two Queensland hotels – in Bowen and Goondiwindi.
The separation to establish the $10 billion Endeavour Group required a restructure with Endeavour Drinks and merger with ALH Group – both which took place in February, 2020 (story continues below).
Hearl, Donoghue to lead: Woolworths
Woolworths group chairman Gordon Cairns added the company focused on its customers, team and communities last year.
“With the easing of operating restrictions and more resilient trading from hotels than initially expected, we are now targeting June for the separation,” according to the executive.
“It will lead to a simplified Woolworths Group with a greater focus on its core food and everyday needs business and will allow Endeavour Group to accelerate its own growth aspirations.
“As previously announced, Peter Hearl has been appointed chairman-elect of Endeavour Group and Steve Donoghue has been appointed chief executive officer, subject to approval of the demerger,” Mr Cairns added.
