Coles Express is officially OVER as the supermarket giant sells every single one of its 710 petrol stations – here’s what’s going to happen next
- Coles Express is selling 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 will still have access to long-running discounts and benefits
Coles Express petrol stations are about to become a thing of the past across Australia as the supermarket giant sells its fuel and convenience stores for $300million.
All 710 Coles Express sites across the country will be rebranded after the retailer announced an agreement with petrol and diesel supplier Viva Energy on Wednesday.
The deal will see Viva Energy – a long-term partner of Coles which supplied fuel from its Geelong refinery – own and operate the current Express sites across the country.
Coles entered a binding agreement with Viva Energy selling its Coles Express (pictured) fuel and convenience stores. Viva will own, operate and rebrand the 710 sites across Australia
Coles reassured its customers they will still have be able to access discounts and loyalty benefits. Viva Energy will remain part of Coles’ Flybuys program and customers will still able to use four-cent-off litre fuel dockets.
Coles CEO Steven Cain said the move will see the retailer focus back on its core grocery and liquor businesses.
‘This agreement is positive not only for Coles and Viva Energy, but also for our customers, team members and respective shareholders,’ Mr Cain said.
‘Viva is well-placed to make the most of opportunities to grow the Express business into the future.
‘We will strengthen our focus on our omnichannel supermarket and liquor businesses and our ambition of becoming Australia’s most sustainable supermarket group.’
Viva Energy Chief Executive Scott Wyatt said the sale was an exciting step for the business and company relationships.
Coles customers will still have access to the four cent per litre fuel docket program, and Viva Energy will remain a partner of Flybuys
Mr Wyatt confirmed Coles Express staff will be transferred to Viva Energy and the sites will continue to stock Coles’ own-brand product range.
‘The acquisition means we will be able to accelerate our plans to grow the integrated fuel and convenience business,’ Mr Wyatt said.
‘Our customers continue to enjoy the excellent customer service provided by the dedicated Express team, the extensive product range in-store and the loyalty programs we know they love.
‘We look forward to welcoming all of the Coles Express team members to Viva Energy once the transaction completes.’
In 2022 fiscal year Coles Express reported sales of $1.13 billion and earnings of $42 million with the 710 sites accounting for $816 million of the companies lease liabilities.
The sale is expected to be finalised by the second half of the financial year in 2023, pending approval from regulators 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 step which will accelerate Viva’s integrated fuel and convenience business.