The men who built Endeavour into the world’s largest poker machine operator – and a pubs and liquor juggernaut – have triggered a public brawl over the future of a business.
The men who built pubs and liquor juggernaut Endeavour Group into the world’s largest poker machine operator have triggered a public spat over the future of a business that they say has lost its way.
Former Woolies boss Roger Corbett, who also supported Wavish’s board push, did not mince his words at Hearl’s description of the Mathiesons trying to control the business by stealth via Wavish’s board tilt. “I’ve gotten involved and I’ll do everything to help him along with all the other little shareholders. It’s a disaster,” Corbett says of the share price which has sunk by 40 per cent this year to below $5 this week. The unacceptably low share price is the only issue both sides agree on.Endeavour acknowledges there is work to do, including $200 million in cost-cutting over the next two years, but it sees a business that is performing well.
The opposing arguments are significant for investors. The retail liquor business, with Dan Murphy’s as its flagship business, generates two-thirds of Endeavour’s earnings and dominates the entire sector. It is three times the size of the sector’s next largest player: Coles.
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