Pete Luckett has announced that Sobeys Capital Inc. will be entering into an agreement to purchase thePete’s Fine Foods grocery retail and wholesale business.
The British-born founder has been building up his beloved market-style shops for over 40 years.
“It’s the right time for me to make a transition into the wine world. The food world has been such a huge part of my life! Growing the business from my small stall in Victoria Market, Nottingham into what it is today, nurturing our managers and staff, seeing how we’ve left a mark in the retail and grocery business in Atlantic Canada – it’s been an incredible ride,” says Luckett, who will remain in a consulting capacity to leverage his expertise and passion for food while insuring the integrity of the much-loved brand.
Dianne Hamilton, COO, says Luckett’s legacy of mentorship, innovation and community influence will have a chance to shine under this succession plan. “We’re tremendously excited for Pete, and for the opportunities it will create for the stores. It’s a giant step into the next chapter of Pete’s Fine Foods, and Sobeys is the perfect partner to help us make that move.”
Sobeys plans to continue to operate the stores under the Pete’s Fine Foods brand, and to maintain the unique market culture and customer-focused flair for food the business was built on. Customers can enjoy peace-of-mind knowing that the stores will continue to prosper and expand while offering that same extraordinary shopping experience, while management and employees will be provided with employment in their current roles.
This was especially important to Luckett. “Sobeys understands that there is something magical in the Pete’s culture, they see the value in that entrepreneurial spirit. The ‘Frootique’ legacy will live on and prosper.”
“Pete has instilled a unique culture in his stores and a food offer that resonates with his customers,” remarked Peter Doucette, General Manager, Sobeys Atlantic. “We don’t want to change that. In fact, we want to build the Pete’s brand and grow the opportunities for the business in Atlantic Canada. With Sobeys’ resources and ability to support growth and expansion in the region, we can make that happen.”
The transaction is expected to close on November 2, 2015.