Man that Woolies rejected is now worth $827 million

Roger Drake was once knocked back for a job at Woolworths. Now he is worth an estimated $827 million.

An Adelaide supermarket king who resigned from his job as a Coles trolley collector in the 1970s has made Australia’s top 250 rich list after posting an estimated $827 million fortune.

Roger Drake, who is still working despite being in his 70s, is the founder of independent chain Drakes Supermarkets which operates 60 stores across South Australia and Queensland.

Mr Drake came in at number 173 on the list, published by The Australian on Friday, after revenue for the supermarket chain hit $1.18 billion in 2023, according to documents lodged with the corporate regulator.

The now-millionaire opened his first store in Mitcham, Adelaide back in 1974, calling the shop Jack and Jill’s. Fifty years late, Drakes has become one of Australia’s largest supermarket chains.

Roger Drake at one of his supermarkets in Torrensville, South Australia. Picture: Kelly Barnes/News Corp

See the full Richest 250 list at richest250.com.au

In an interview with magazine SALIFE, Mr Drake said he originally wanted to come a doctor, however, his parents couldn’t afford to send him to university.

“I applied for a job at Woolworths supermarkets but they said I wasn’t suitable for retail,” he told the magazine in December 2022.

“I went across the road and got a job with Coles – collecting trolleys. I wanted a car, and I knew Mum and Dad weren’t in a position to help me in that way, and my mother said you can never spend more than you earn.”

Mr Drake said he bought his first store for $29,000 and was eager to compete with Woolworths and Coles.

From the ages of 14 to 16, Mr Drake worked part-time assisting on a milk round and cutting lawns. Picture: Kelly Barnes/News Corp

“When I made that decision to open our first store, I thought that both Coles and Woolworths all started as independents with one store – so the vision was always to grow the business so I could compete against the multinational chains,” he said.

“Having one store and being independent, we had the flexibility to cater for the local community and we brought in a lot of local products. We made sure we exceeded customer expectations every day we opened the doors.”

Mr Drake dropped out of the richest 250 list in recent years, however, made his way back onto the list this year thanks to his 2023 profits.

Mr Drake’s staff photo from his time at Coles. Picture: Supplied

The supermarket boss has an estimated $827 million fortune. Picture: Facebook

The supermarket chain’s latest set of financial accounts showed a healthy 3.3 per cent lift in annual sales last year with a net profit of $36.85m.

The richest South Australian on the list was Chris Thomas, who owns Australia’s largest family-owned meat processing company Thomas Foods International.

The company has meat processing plants across the nation, turning over more than $2.7 billion annually.

There’s a record 159 billionaires in Australia this year, including new entrants to the ranks of Australia’s wealthy elite such as Australia’s second-richest woman, Nicola Forrest, and “Lambo man” Adrian Portelli.

But also joining as billionaires for first time in 2024 are cryptocurrency gambling tycoons, lithium mining magnates and the entrepreneurs behind familiar brands like Chemist Warehouse, Kennard’s Hire and 7-Eleven.

Originally published as Man that Woolies rejected is now worth $827 million