submitted by George Poulos on 16.06.2005
Over more than a century a number of Kytherian-Australians have proved themselves to be exceptional businessmen. It is a talent and an art form - to build businesses and wealth. It takes extraordinary acumen to wealth create at the Theo Karedis level.
In very few Australian businesses has the person behind the store - become the face of advertising for that store. Examples in Australia include, Dick Smith.
Theo's logo joins that of Andronicus, and Poulos Fish, as recognizable "Kytherian" logos in Australia.
Until May, 2006, Theo Karedis has edited a Monthly Newsletter of specials that are distributed throughtout Australia.
Because of the reputation he has built up over many decades in the Liquor industry, for both integrity and good taste, this Newsletter is eagerly awaited, and very much trusted by Australian liquor consumers.
To download the 129th Newsletter, the May 2006 edition:
BRW article 2005
The May 19-25 issue of Business Review Weekly, with the publication of the rich 200 list, includes reference to Theo Karides. The article also refers to the fact that he is 69 years of age, is married (to Helen Coroneos, whose father George was born in Karavas, Kythera) and has two children.
His assets are listed at $320 million.
"Karedis made his fortune by setting up a chain of liquor stores that operate under the name Theo's Liquor.
He sold them in December 2002 to Coles Myer for about $175 million in cash and shares. Since the sale, Coles Myer shares have made healthy gains. Last year, Karedis sold a majority shareholding in another bundle of 14 liquor stores and seven hotels in Queensland. Coles Myer and rival retailer Woolworths were reportedly interested in getting hold of the Quensland assets but were outbid by local investor, Tom Hedley. The sale reaped about $42 million.
Karedis and his son Greg have refocused their efforts on buying shopping centres. Karedis also has stakes in three hotels, including the Manly Pacific Hotel in Sydney, which was aquired for $56 million. Since buying the hotel in March 2003, Karedis and co-owner Authur Laundy have spent several million dollars on its refurbishment. Karedis ran a small convenience store after emigrating from Kythera, Greece."
This entry is a far-from-complete history of Theo Karedis. It is posted here in the hope that family and friends - and the man himself - may begin to provide more precise details about his life and work.
The Coles-Myer Press Release.
Tuesday, 17 December 2002
COLES MYER PURCHASES THEO’S LIQUOR
Coles Myer Ltd today announced the purchase of the NSW arm of the Theo’s Liquor chain which comprises 49 liquor stores and four hotels operating under the banners Theo’s and Crown of the Hill.
Theo’s Liquor is the fourth largest liquor retailer in Australia with annual sales in NSW of more than $175 million.
Coles Myer CEO John Fletcher said the purchase was a strategic acquisition and a unique opportunity to complement and enhance Liquorland’s position in the important NSW market.
“Theo’s Liquor will make a positive contribution to earnings per share in its first full year of operation,” Mr Fletcher said.
“Theo’s Liquor has built a very strong business and will make a significant contribution to Liquorland. Theo’s focus on the higher end of liquor retailing, with an emphasis on wine, will further enhance Liquorland’s contribution to the Food and Liquor Group’s margin.
“The strong consumer franchise established through the Theo’s Liquor brands of Theo’s and Crown of the Hill will complement our existing Liquorland brands – Liquorland, Vintage Cellars and Quaffers.
“It represents a major growth opportunity for Liquorland in line with our five year plan,” Mr Fletcher said.
Managing Director of Liquorland Craig Watkins said he was very pleased to welcome the staff of Theo’s Liquor and the many thousands of customers.
“While Theo’s Liquor will continue to be managed separately from Liquorland, there are opportunities that arise from combining aspects of the two businesses,” Mr Watkins said.
“Theo’s Liquor is a well run business, with great locations and strong customer support which will complement our existing operations and brands. “Theo’s success is based on meeting customers’ needs on price, range and service. The typically large format stores span the Sydney region and extend to Newcastle and Wollongong,” Mr Watkins said.
Theo Karedis who founded Theo’s Liquor over 47 years ago said he was proud to hand over the ownership of the business to Liquorland. “I am pleased that Liquorland will continue to operate and grow the business in the future,” he said.
Mr Karedis has agreed to remain with the business to assist with the transition.
The purchase is subject to regulatory approvals.
The purchase will increase Coles Myer liquor outlets to 591.
Negotiations for the acquisition of Theo’s Queensland business by Coles Myer are ongoing and subject to discussions with the shareholders of the Theo’s Queensland companies, and obtaining any necessary approvals.
The Karedis family have entered into a three year exclusivity arrangement under which they have undertaken to Coles Myer not to hold discussions with any third party in respect to their interest in Theo’s Queensland.
Theo’s Liquor facts:
Store numbers: NSW - 48 liquor stores, 4 hotels
ACT - 1 liquor store
Annual sales: NSW/ACT - approx $175m
Brand names: NSW/ACT - Theo’s, Crown of the Hill
National Market share: Less than 2%
Coles Myer Press Release.
Monday, 26 May 2003
SETTLEMENT OF THEO’S LIQUOR (NSW)
Today Coles Myer announced the settlement of Theo’s Liquor in NSW.
Chief Financial Officer, Fraser MacKenzie, said that the acquisition represented a strong strategic fit that would complement and enhance Coles Myer’s liquor positioning in the important NSW market.
“The acquisition will be EPS positive in the first full year and provides a major growth opportunity for Liquorland, in line with our five year plan, ” Mr MacKenzie said.
“Under the Theo’s sale agreement, the terms of which remain confidential, the vendors have elected to receive payment in a combination of cash and $125 million in equity value.
“Coles Myer has today issued 17,857,143 shares to the vendors. To ensure the vendor’s agreed equity consideration of $125 million, Coles Myer has guaranteed a value of $7.00 per share throughout a period of three years from today and will bear any share price risk during that
“However, Coles Myer can also benefit by up to $7.3 million1 over the next three years should the share price remain above the $6.59 price at which the shares were issued today. This is because the balance sheet value of the asset would remain below the agreed acquisition price,”
Mr MacKenzie said.
The vendor, Mr Theo Karedis, said: “I am very proud to have sold my business to Coles Myer and feel it is a great fit. I believe this is the beginning of a positive era for Coles Myer and I am
delighted to be a part of it and become a shareholder.”
Mr Karedis will be working with the business for the next twelve months to ensure a successful transition.
 17,857,143 shares x ($7.00 - $6.59)
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