Woolworths to spin-off Endeavour Group.

Woolworths, a supermarket chain, agreed to spin-off Endeavour Group, a retailer of drinks and company engaged in hospitality business. Financial terms were not disclosed. “The proposed demerger is the final step in a process that commenced on 3 July 2019, when Woolworths Group announced its intention to combine its drinks and hospitality businesses to create Endeavour Group through a restructure of Endeavour Drinks and subsequent merger with ALH Group, which was completed in February 2020. In March 2020 separation plans were postponed until 2021 with Woolworths’ prioritisation of its COVID-19 response amid a highly uncertain operating environment. Despite the disruption of COVID-19, we continued working to prepare Endeavour Group for operation as an independent business, and the Woolworths Board is now confident to proceed with the separation given Endeavour Group’s performance through this period," Gordon Cairns, Woolworths Group Chairman.