>
Coles Express is officially OVER as the supermarket giant sells every one of its 710 gas stations – here’s what’s going to happen
- Coles Express sells its 710 fuel and convenience stores to Viva Energy
- The $300 million deal will see Viva Energy own, operate and rebrand the sites
- Coles customers still have access to long-term discounts and benefits
<!–
<!–
<!–<!–
<!–
<!–
<!–
Coles Express service stations are on the brink of a thing of the past across Australia as the supermarket giant sells its fuel and convenience stores for $300 million.
All 710 Coles Express stores across the country will be rebranded after the retailer announced an agreement with petrol and diesel supplier Viva Energy on Wednesday.
Through the deal, Viva Energy – a long-term partner of Coles who supplied fuel from its Geelong refinery – will own and operate the current Express facilities across the country.
Coles has entered into a binding agreement with Viva Energy for the sale of its Coles Express (pictured) fuel and convenience stores. Viva will own, operate and rebrand the 710 sites across Australia
Coles assured his customers that they still have access to discounts and loyalty benefits. Viva Energy will remain part of Coles’ Flybuys program and customers will still be able to use four cent fuel coupons.
Coles CEO Steven Cain said the move will allow the retailer to refocus on its core grocery and spirits businesses.
“This agreement is positive not only for Coles and Viva Energy, but also for our customers, team members and respective shareholders,” said Mr. Cain.
“Viva is well positioned to seize the opportunities to grow the Express business into the future.
‘We are strengthening our focus on our omnichannel supermarket and beverage business and our ambition to become Australia’s most sustainable supermarket group.’
Viva Energy Chief Executive Scott Wyatt said the sale was an exciting step for the company and corporate relationships.
Coles customers will still have access to the four cents per liter fuel pass program and Viva Energy will remain a partner of Flybuys
Mr. Wyatt confirmed that Coles Express staff will be transferred to Viva Energy and that the facilities will continue to stock Coles’ own branded product range.
“The acquisition means we can accelerate our plans to grow the integrated fuel and convenience business,” said Mr. Wyatt.
“Our customers continue to enjoy the excellent customer service from the dedicated Express team, the extensive product range in-store and the loyalty programs we know they love.
“We look forward to welcoming all Coles Express team members to Viva Energy once the transaction is completed.”
In fiscal 2022, Coles Express reported revenue of $1.13 billion and profit of $42 million, with the 710 sites accounting for $816 million of the company’s lease obligations.
The sale is expected to close in the second half of the fiscal year in 2023, pending regulatory approvals, including the Australian Competition and Consumer Commission and Foreign Investment Review Board.
Viva Energy Chief Executive Scott Wyatt (pictured) said the sale was an exciting move that will accelerate Viva’s integrated fuel and convenience business.