RFG'S PIE FACE-OFF: WE'RE NOT INTERESTED
Written on the 15 December 2014 by Nick Nichols
RETAIL Food Group (ASX: RFG) says it has no intention of taking a bite at troubled franchise group Pie Face, dousing rumours that its buying spree of 2014 is not over yet.
The Southport-based company, fresh from settling its $164 million deal for Gloria Jeans Coffees and still going through the numbers on its $30 million buyout of Di Bella Coffee, has emphatically denied it plans to add Pie Face to its growing stable of brands.
RFG reiterates that it maintains no interest in the Pie Face Brand system, says RFG in a statement to the ASX.
The announcement affirms CEO Tony Alford's comments at the company's annual general meeting that he was not interested in acquiring Pie Face, which was placed into voluntary administration in November.
The rumour was given another run in The Australian today, prompting RFG to make an announcement to the ASX.
Alford had indicated other acquisitions were in train for RFG, including a new tilt at the abandoned bid for the La Porchetta restaurant chain. RFG walked away from the deal in in November but has indicated that talks are continuing.
Alford was not available for further comment.
Victoria-based Franchise Food Co (FFC) the owner of Cold Rock Ice Creamery and Nutshack is reported to have approached Pie Face administrators to open discussions on the business. Nothing is reported to have come from that approach.
However, it is possible a deed of company arrangement may yet be struck with creditors of Pie Face.
The last time RFG went into the pie business was five years ago, with the acquisition of the Ipswich-based Big Dad's Pies.
The brand was scaled back by RFG in 2012.
Author: Nick Nichols