Metcash has released a statement confirming it is on the hunt to purchase hotels, following a number of “misleading media and consumer group reports”.
Andrew Reitzer, Metcash CEO, said it was true Metcash was part of joint ventures acquiring stakes in hotels but it had not allocated $100 million to the project as reported.
"We have set up joint ventures in the liquor industry in much the same way we have in grocery and hardware. Metcash is a wholesaler and will provide product to the hotels and the bottle shops acquired by the joint ventures,” he said.
"The joint ventures will provide competition to the major grocery chains that dominate and are seeking to further expand their dominance of the hotel industry.
“They will allow customers of Metcash, being independent retailers, to grow their liquor businesses, and will protect independent hoteliers from the creeping acquisitions by the large supermarket chains.”
- Metcash lifts first half profit
- Metcash hits back at competitors, Aldi, Woolworths and Coles
- Mixed fortunes for Metcash and IGA
- Metcash splits grocery business to take a "more focused approach"
- Metcash's half year profit increases despite price deflation
comments powered by Disqus