Retail Food Group takes $18.5 million bottom line hit to brand values
The publicly-listed Retail Food Group, owner of Gloria Jeans and Donut King, announced today that it will be making a one-off $18.5 million asset write down.
The company says this is due to recent acquisitions and that they wish to get rid of duplicate systems.
The company however believes it is on track for a $55 million net profit after tax for the 2015 financial year. If achieved, this will mean a 50 per cent increase on their 2014 results.
Three year strategic plan
Retail Food Group says that it has a three year strategic plan that involves further acquiring other businesses.
Drinks and beverage have been announced as a big part of the plan with new lines to come out and for its Di Bella coffee brand to be pushed further onto the market.
The company also wishes to expand its overseas presence, currently Retail Food Group only has outlets in Australia and New Zealand.
Retail Food Group have today announced leadership change plans.
Managing Director and CEO roles, once together will now be separated.
Tony Alford will continue to lead Retail Food Group as managing director by the CEO has been broken up amongst Andre Nell and (CEO of Franchise) and Gary Alford (CEO of Commercial).
Retail Food Group includes a number of Australian food chains including Gloria Jean’s, Donut King, Crust Pizza, Brumby’s Bakeries, Michel’s Patisseries all amongst others.