Retail Food Group upsizes capital raise

Retail Food Group upsizes capital raise

Embattled food franchisor behind brands like Donut King, Michel's Patisserie, and Gloria Jean's, Retail Food Group (ASX: RFG) has boosted its capital raise to recapitalise the company. Initially, RFG intended to raise $150 million from a fully underwritten placement in order to repay debt, plus an extra $10 million from a share pu...

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Retail Food Group to raise $150 million

Retail Food Group to raise $150 million

Embattled food franchisor behind brands like Gloria Jean's, Donut King, and Michel's Patisserie, Retail Food Group (ASX: RFG) has launched a capital raise to secure $150 million. The funds are part of the group's recapitalisation plans, with $118.5 million of proceeds from the offer to go toward repayment of debt. As part ...

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Brand write-downs and restructuring drive $149m loss for Retail Food Group

Brand write-downs and restructuring drive $149m loss for Retail Food Group

Store closures and a heavy FY19 loss capture the tone of a challenging year for Retail Food Group (ASX: RFG), a franchisor that is finetuning its focus against a backdrop of significant asset impairments and restructuring costs. Brands are everything in the food business, particularly if brand IP is a key part of your model like RFG ...

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ACCC review slams food franchisors for failing franchisees

ACCC review slams food franchisors for failing franchisees

Food franchisors are yet again in the spotlight for their failings as the Australia Competition and Consumer Commission (ACCC) releases its latest review into the sector. The watchdog found that franchisors in the food services sector are providing inadequate information to potential franchisees. The report, Disclosure practices in fo...

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Aged care provider Estia Health taken to Federal Court in class action

Aged care provider Estia Health taken to Federal Court in class action

Aged care community operator Estia Health (ASX: EHE) has been served with a class action in the Federal Court of Australia. Law firm Phi Finney McDonald is acting on behalf of aggrieved shareholders, arguing Estia breached its continuous market disclosure obligations regarding the financial impact of its Kennedy Health Care (KHC) buyout. ...

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Retail Food Group brushes ASX concerns under the rug

Retail Food Group brushes ASX concerns under the rug

The franchise operator of Brumby's Bakery, Michel's Patisserie, and Gloria Jeans, Retail Food Group (ASX: RFG), has responded to the concerns of the ASX regarding a sudden and unexpected lift in shares last week. RFG said last week that the sudden lift in shares can be attributed to media speculation about its turnaround strategy....

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Will RFG be rescued by $160m capital injection?

Will RFG be rescued by $160m capital injection?

The company responsible for franchises such as Michel's Patisserie, Gloria Jeans and Donut King may receive a tailwind to push it out of the doldrums, thanks to a Sydney-based investor backed by capital from Hong Kong's SSG Capital Management. Retail Food Group (RFG) announced yesterday it had received a non-binding proposal from ...

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Retail Food Group backflips on use-by date extensions

Retail Food Group backflips on use-by date extensions

Following an exposé by The Sydney Morning Herald the parent company behind Michel's Patisserie has backflipped on its internal decision to extend use-by dates on food products. As reported by The SMH Retail Food Group (ASX: RFG) instructed Michel's franchisees to ignore expiry dates on packaging and adopt new shelf-life dat...

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Retail Food Group fails to sell Donut King

Retail Food Group fails to sell Donut King

Negotiations to divest the Donut King and quick service retail (QSR) divisions of Retail Food Group (ASX: RFG) have ended without a sale for the embattled company. RFG says that a formal binding agreement could not be reached with the party interested in taking the two divisions off RFG's hands. "Our Donut King and QSR brands...

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Franchising report reveals former RFG boss Tony Alford's "professed, repeated ignorance" at inquiry

Franchising report reveals former RFG boss Tony Alford's "professed, repeated ignorance" at inquiry

A scathing report has ripped into former Retail Food Group (ASX: RFG) boss Tony Alford for being "evasive, inconsistent and generally uncooperative" during the parliamentary inquiry into Australian franchisors which took place between March and September 2018. In its Fairness in Franchising report released yesterday, the parliam...

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