Australian Pharmaceuticals Industries will sell its retail franchise business, Price Attack, to focus on its core growth businesses in the health and beauty market.
API said in a statement that in its financial result, released on 30 October, it had already accounted for a net benefit of $1.9 million for the sale of the House chain and Price Attack and the company expected no material change to this position.
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API will sell the Price Attack franchise business to Barry Jarred, a key head franchisee.
The company, which manages other retail brands such as Priceline, flagged the sale in July, along with the House chain of outlets. It expects to settle the deal by the end of this month.
API also has a pharmacy business that provides wholesale distribution and business and marketing services to community pharmacies Australiawide.