Wesfarmers has confirmed that Archie Norman, former chief executive of British retail giant ASDA, will have a role in the company-led consortium's proposal to acquire Coles Group.
Wesfarmers has confirmed that Archie Norman, former chief executive of British retail giant ASDA, will have a role in the company-led consortium's proposal to acquire Coles Group.
Wesfarmers managing director Richard Goyder said in an announcement Mr Norman had provided the consortium with valuable advice, and that he was looking forward to his assistance during the due diligence process.
"While we have yet to formalise and finalise the precise nature of his ongoing involvement, I envisage Archie will have a very senior advisory role by being actively engaged in the entity we propose to set up to own and manage the Coles supermarkets, liquor, petrol and general merchandising businesses," he said.
Mr Norman is reported to be advising European private-equity giant Permira on its involvement in the deal, which would see it take a stake in Coles' everyday needs businesses - the food, liquor and K-Mart chains.
Mr Goyder also pointed out that a former colleage of Mr Norman's, Pacific Equity Partners director Steven Cain had also worked with Mr Norman while at ASDA.
The full text of a Wesfarmers announcement is pasted below
Wesfarmers confirms the reported involvement of Mr Archie Norman, the executive who led the transformation of Britain's Asda retail businesses, in the Wesfarmers consortium's proposal to acquire Coles.
Commenting on a report from London in the Sunday Times, the Managing Director of Wesfarmers, Richard Goyder, said Mr Norman had been in Australia recently for discussions.
"While we have yet to formalise and finalise the precise nature of his ongoing involvement, I envisage Archie will have a very senior advisory role by being actively engaged in the entity we propose to set up to own and manage the Coles supermarkets, liquor, petrol and general merchandising businesses," said Mr Goyder.
"As we have said repeatedly since announcing our proposal, we intend to draw on Coles existing, other Australian and international management expertise in assembling a top quality team to lead those businesses.
"Archie Norman is superbly qualified to be part of this process. He took Asda from a position of impending bankruptcy in late 1991 to a point just under five years later where sales had increased by more than a third, customer visits were up almost 50 per cent and the company was the fastest growing grocery retailer in the United Kingdom for 44 consecutive months.
"His interest in being part of our team will both significantly enhance its quality and be noted by others who may be interested in joining.
"Archie has already provided valuable advice and I look forward to his continuing contribution to the due diligence phase which we hope to begin as soon as possible."
Mr Goyder said another former Asda and more recently Coles senior executive, Steven Cain, was also closely involved through his association with consortium member Pacific Equity Partners.
