Independent Liquor scotches takeover speculation

Australian beverage group Independent Liquor has denied reports that it is set to be taken over by retail giant Woolworths. The company said its private equity owners were keen to retain ownership while an operational overhaul was under way.

According to Independent Liquor chief executive, Peter Murphy the company, under joint ownership of Pacific Equity Partners and Unitas Capital since 2006, formerly know as CCMP Asia Pacific was not for sale.

"We're not selling the business and we have no intention of selling the business," Murphy said.

He added that the company had a very detailed plan on operational improvement, which it was keen to implement before considering selling as there was an enormous upside to the business.

Late last year the company had considered a sale-and-leaseback of its two manufacturing plants in Melbourne's Laverton and Auckland in New Zealand, however no deal had yet been signed and only the property assets had been offered for sale.

Murphy said that the idea that the company was for sale might have originated there.