Six Greater Victoria Liquor Express stores, and one in Nanaimo, are set to be bought in what the buyer calls a “transformational” deal.
Peninsula Consumer Services Co-operative announce Thursday (Aug. 10) that it has entered into an agreement with the owners of Liquor Express to purchase seven retail locations located on Vancouver Island.
“Pending completion of due diligence and customary closing conditions, including regulatory approvals, the transaction is expected to close in mid-September,” said a news release.
Included in this acquisition are:
Yates Street at Blanshard, downtown Victoria
Wilkinson Road at Interurban, Saanich
Six Mile at Island Highway, View Royal
Keating Centre, Saanichton
Tillicum Mall, Saanich
Esquimalt Plaza, Esquimalt
Selby Street, Nanaimo
“This transformational acquisition signals a bold move in supporting the strategic goal of diversification at Peninsula Co-op and offers an unprecedented opportunity of incremental growth to the business,” reads a statement.
Peninsula Co-op said will mean big changes in the company.
“While valuing our origins as a community-based member-owned organization, we are thrilled to expand our footprint of retail liquor locations,” says Corey Gillon, CEO of Peninsula Co-op. “Undoubtedly, this transaction signifies a shift that supports the scaling of our existing retail platform and enables us to continue on the path of increased presence in the retail liquor sector.”
The company said it “intends” to retain existing team members from the Liquor Express locations.