Independent Liquor dismisses Woolworths speculation

Posted by Daniel Palmer on 8th January 2010

Independent Liquor has refuted suggestions that they may be the subject of a takeover by retail giant Woolworths, advising that the private equity groups behind the company were keen to continue with expansion plans before contemplating a sale.
“We’re not selling the business and we have no intention of selling the business,” Independent Liquor Chief Executive, Peter Murphy, told The Australian. “We have a very detailed plan on operational improvement and we have some way to go on that journey before we would consider selling, because we think there is enormous upside in the business.”

Mr Murphy indicated that rumours of a takeover may have stemmed from their consideration of a sale-and-leaseback of their manufacturing plants.

The speculation of a Woolworths bid was raised by Fairfax yesterday with Woolworths choosing not to comment on the rumours. It was suggested that Independent Liquor would be a good fit for the retailer as they continue to look at options to expand their range of private label products.