Metcash Limited has solidified its partnership with Drakes Supermarkets in Queensland, extending their supply agreement by another five years, now running through June 2034. This extension underscores the strength of their ongoing collaboration in delivering essential goods to Queensland communities.
Metcash currently supplies 22 Drakes-branded supermarkets across Queensland, generating significant sales of $222.5 million through its Food division in fiscal year 2024. This partnership has proven highly valuable for both parties, with Metcash Food CEO Grant Ramage expressing enthusiasm about the renewed agreement: “We are delighted to continue our long-term relationship with Drakes Supermarkets in Queensland.”
Roger Drake, CEO of Drakes Supermarkets, shared similar sentiments, highlighting the reliability of Metcash as a trusted supply partner and expressing satisfaction in extending the agreement.
Additionally, Metcash has announced the sale of its 26% stake in Dramet Holdings Pty Ltd, the entity responsible for operating 21 Drakes-branded stores in Queensland and eight in South Australia. Drakes Supermarkets Pty Ltd has acquired Metcash’s ownership interest for a total of approximately $18 million, including both the sale proceeds and loan repayment. This transaction consolidates Drakes’ ownership and strengthens its presence in both Queensland and South Australia, further enhancing its strategic operations.
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