Peninsula Co-op is finalizing the purchase of six liquor stores in Greater Victoria and one in Nanaimo as it works to diversify its business base.
The stores are at what are now Liquor Express locations:
• 765 Yates St. at Blanshard Street, Victoria
• 4144 Wilkinson Rd. at Interurban Road, Saanich
• Six Mile at 498 Old Island Hwy., View Royal
• 2134 Keating Cross Rd., Saanichton
• 3170 Tillicum Rd., Saanich
• 1153 Esquimalt Rd. in the Plaza, Esquimalt
• 278 Selby St., Nanaimo
The sale is expected to complete in mid-September following due diligence and typical closing conditions, including winning regulatory approvals, the Peninsula Consumer Services Co-operative announced Thursday.
Existing Liquor Express staff will remain, it said
This agreement will be”transformational” in that it supports the Co-op’s goal of growth while diversifying its business, the organization said.
“While valuing our origins as a community-based member-owned organization, we are thrilled to expand our footprint of retail liquor locations,” said Corey Gillon, chief executive of Peninsula Co-op.
“Undoubtedly, this transaction signifies a shift that supports the scaling of our existing retail platform and enables us to continue on the path of increased presence in the retail liquor sector.”
Vancouver Island-based Peninsula Co-op has about 116,000 member-owners and its roots go back nearly 60 years.
It operates from Greater Victoria to Duncan and in Comox and Campbell River.
Its core business includes fuel and convenience centres, grocery, liquor, and home heating products.
Last year, close to $8 million was returned to the member-owners, and $500,000 is contributed to local community initiatives annually.