Bruce Mathieson strikes it lucky ahead of Endeavour float
Pubs baron Bruce Mathieson has shown luck’s a fortune ahead of the coronavirus-delayed float of the Woolworths liquor group.
Gold Coast-based billionaire Bruce Mathieson has again shown luck’s a fortune, with his timing superb in the changing ownership of the Woolworths liquor group ahead of a proposed float.
Mr Mathieson, a pub and pokies baron for more than 40 years, is set to be a cornerstone shareholder along with Woolworths in the spun-out Endeavour Group business.
Endeavour is the result of the merger of ALH Group — the joint venture between Mr Mathieson and Woolworths - and the Endeavour Drinks liquor concern featuring bottle shop chains such as BWS and Dan Murphy’s.
In February Mathieson owned 25 per cent of ALH Group, which owns 330 hotels. But that month his stake was converted into 14.6 per cent of Endeavour Drinks.
But amid coronavirus shutdowns the hotels are now earning zero, while Dan Murphy’s is booming with sales up 30 per cent, as Australians stay home.
So Mr Mathieson gets a stake in the growing vehicle, instead of having 25 per cent of a company which is effectively shut.
Of the 8000 ALH staff stood down in the coronavirus crisis, some 4500 are now working for Woolworths.
The planned $10bn float had been expected mid-year but has now been postponed until next calendar year at the earliest, but Mr Mathieson is already raking in the profits.
Mr Mathieson has made a considerable fortune from pubs, pokies and property since entering the industry in the mid-1970s.
He has bought and sold more than 900 pubs in his career. Not only has he refurbished and revamped plenty of pubs in his time, but he personally owns huge areas of land in Melbourne’s north and other holdings in Queensland and beyond.
He also has long dabbled in smaller ASX stocks, including one he has a great passion for in Mayne Pharma.
With John Stensholt
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