Independent Liquor has put its chain of The Mill bottlestores up for sale to focus on building its drinks business.
Since buying the Mill Retail Holdings network for $NZ18.2 million in 2013, Papakura-based Independent has transformed it from a discount liquor group to a mainstream retailer, the company said.
Independent, owned by Japan’s Asahi Group, has put the Mill business on the market to focus on its branded beverages, such as Boundary Road beer and pre-mixes, including Woodstock Bourbon and Vodka Cruisers.
“While no decision regarding a sale of The Mill has been made at this point, discussions are under way and Independent Liquor has received keen interest from a number of potential buyers,” said Asahi’s Scott Hadley.
Independent wrote down the value of The Mill’s goodwill by $NZ6.2 million and its brands by $NZ2 million in the 2014 financial year. It has assets worth $NZ15.1 million and liabilities of $NZ9.2 million, according to financial statements lodged with the Companies Office.
The statements say Independent’s management decided to sell the unit in December last year, with a sale expected by September.
The liquor group’s Boundary Road brand claims 11 per cent of pack beer sales, while its suite of ready-to-drink beverages hold 60 per cent of that market, according to Independent’s website.
Independent reported a loss of $NZ52.6 million in calendar 2014, widening from a loss of $NZ41.6 million a year earlier.
BusinessDesk
