Allied Brands takes Cookie Man franchise to Cyprus
ASX-listed franchisor Allied Brands has entered into a ten year Licence Agreement to launch the Cookie Man brand in Cyprus with a local operator.
The license agreement will help underpin their forecast for FY10 of NPBT (net profit before tax) of $6.6 – $7.2m as outlined at the AGM on November 30, the company said. It will see Allied Brand’s receive an up-front License Fee and on-going supply of products (cookies, coffee and giftware) and ovens for the Cyprus market.
Allied Brands CEO Shane Radbone, said the recent restructure of the Cookie Man management team has so far proven successful. Cookie Man already has 48 stores in India, 11 in China, 13 in Greece and 1 in Singapore.
“All of this has been achieved in the first three months of the restructure and is testimony to the focus that the new structure at Cookie Man will deliver,” he suggested. “We have also executed a Heads of Agreement with Kuwait. On top of that we are also back in discussions with a large party for a significant third international license that may have substantial impact on our FY 2010 year and beyond – this is exciting for the group.”