Liquorland announced to suppliers yesterday that its directors had signed a sale and purchase with Independent Liquor NZ to purchase the remaining 21 stores bearing The Mill Retail Holdings’s brand, plus its trademark.
ILNZ, which is owned by Japanese brewing company Asahi, purchased The Mill for $18.2 million in 2013. It announced in its financial results earlier this year that it intended to sell The Mill by this month, and recognised that an $8 million loss would be incurred.
Liquorland national retail manager Morgan McCann said The Mill is an exciting acquisition for Liquorland as it enables the brand to extend its offering into areas where it currently does not have a presence. Liquorland will not be carrying on with The Mill’s trademark.
“The Liquorland retail offering is about providing consumers with all of their alcohol beverage requirements, from helpful party ideas, to cocktail recipes or beer and wine recommendations that are perfect for each individual occasion – the brand is committed to helping Kiwis enjoy richer beverage experiences, responsibly,” McCann says.
“The acquisition will increase the number of Liquorland stores nationwide from 88 to 109 and provides an exciting opportunity for both our franchisees and suppliers to be a part of a business that is exhibiting strong sales growth and delivering exciting beverage solutions to its customers.”
McCann says there are a number of key steps which still need to occur prior to settlement, but Liquorland hopes that it will be able to complete the process by early November 2015.