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However, the new owners say there will be no loss of jobs in any of their newly acquired stores.

FoodWorks’ shareholders on Monday voted to support the company’s purchase of 45 Coles stores, including Moruya’s. This transaction has also been given approval by the Australian Competition and Consumer Commission and can now proceed as planned.

FoodWorks CEO Peter Noble said yesterday he was delighted to receive the support of shareholders and the ACCC for what he said was the most significant growth development in the company since its 2007 internal capital raising.

“The support of our shareholders for this acquisition, which is valued at around $35 million, has been outstanding. This development enables us to not only achieve a long-term goal of company owned stores quickly and cost effectively but also increases our buying power and market presence,” Mr Noble said.

“This deal will benefit our shareholders and also increase competition in the Australian grocery sector.

“Our increased market presence and buying power will benefit all of our retail members. The support of our suppliers will allow us continue to give the customers of all of our stores great range, top quality fresh produce and excellent value.”

According to Mr Noble, all existing store staff will be offered employment on their existing terms and conditions.

“Current store staff will transfer to FoodWorks on their existing terms and conditions of employment, and they will retain their entitlements. The retail experience and local knowledge of the individual store staff is for us one of the most important assets of this transaction.

“We are looking forward to working with the store staff and the local community to develop each of these stores.”

According to Mr Noble, support for the local community will be a core part of the culture of these new stores, as it is in other FoodWorks stores.

“We are proud to support the local communities that we operate in as we appreciate their support for our stores,” Mr Noble said.

“Our business model and ownership structure is unique in the supermarket industry in Australia. We are Australian owned and operated and our shareholder base is restricted to our retail storeowners and their related parties. Our retailers are at the centre of small and medium business in Australia.

“We realise that there’s more to being the local grocer than just having a shop in an area. We are looking forward to meeting with local customers to find out what they want from their supermarket.”

The stores will transition to FoodWorks progressively, with the process to be completed by Easter 2010.