RPG buys NZ Esquires coffee chain
The Australian franchise is that country's largest and has other businesses in New Zealand.
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Hawke’s Bay
Australia’s largest food and drink outlet franchisor, Retail Food Group, has agreed to buy the New Zealand master franchise business for the Esquires Coffee Houses chain.
The deal is worth about $A9 million, which RFG says will be funded by cash and/or debt, with settlement anticipated by mid February 2011.
RFG says commercial terms have been agreed on but the formal documents are yet to be signed between the parties. The contract will make RFG the intellectual property owner, franchisor and licensor of the Esquires Coffee Houses system within Australia and New Zealand. It has 46 outlets in New Zealand but none in Australia.
The Auckland-based Deeks family owns the Canadian-developed Esquires franchise rights outside Europe and North America. The Esquires operation has another 15 outlets in Fiji, China, India and the United Arab Emirates. It recently signed an agreement in Saudi Arabia with Sheikh Anas Abu Dawood.
RPG is listed on the ASX and is the intellectual property owner and manager of the Donut King, Michel’s Patisserie, Brumby’s Bakeries, bb’s cafe and Big Dad's Pies franchise systems.
Nevil Gibson
Thu, 30 Dec 2011
Thu, 30 Dec 2011
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RPG buys NZ Esquires coffee chain
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