'The time is right': 7-Eleven is up for sale in Australia

The company told shareholders on Monday it intends to find new owners for the business but the process “is at an early stage and is expected to take a number of months”.

“The Withers and Barlow families have decided that the time is right to review options for the future ownership of the business with a view to setting it up for future growth and success,” the company said in a statement.

7-Eleven has grown from a single store in Melbourne in 1977 to one of Australia’s largest fuel and convenience retailers, with about 750 stories across New South Wales, Victoria, the Australian Capital Territory, Queensland and Western Australia.

The company employs more than 9000 people across the corporate and franchise network.

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7-Eleven Holdings chairman Michael Smith said it has “an unrivalled brand and convenience footprint in the attractive fuel and convenience market in Australia”.

“The business has great momentum and a compelling strategy for growth across convenient food, the continued transformation of our total merchandise offer, digital and format innovation, and new stores,” Smith said.

“With such a strong platform in place, the shareholders have decided that the time is right for new ownership of the business to oversee the next phase of our growth and development.”