Max Brenner Australia avoids liquidation in last-minute deal with Tozer & Co
The Israeli owners of the franchise operation previously terminated the Australian licensing agreement and appointed liquidators.
The Australian operations of chocolate chain Max Brenner has been rescued from the brink of collapse following the announcement of investment group Tozer & Co that it has acquired its license.
"In conjunction with the Franchisor, we are excited by the prospect of investing, growing and developing a highly successful business. The brand has a rich history across the world and also within Australia," Tozer & Co’s managing director David Tozer said in a statement.
Tozer & Co, the family investment office of David and Craig Tozer, own a range of assets across technology, consumer products and financial services and s also the local Australian affiliate of Carlyle special situations. Craig Tozer is on the board of Craveable Brands and is the current CEO of Oporto.
Tozer & Co also said that they will seek to finalise a transaction over the coming months. For the time being, the remaining Max Brenner sites in the country will be open and will be trading as usual.
The announcement also came just before an adjourned court hearing to wind up the company which ran the Australian operation.
“This morning, prior to the adjourned hearing commencing, the licensor terminated the licence agreement on the grounds of default, the default being the appointment of administrators to MB Australia,” the team of administrators from McGrathNicol said in a statement.
Max Brenner entered into voluntary administration earlier this month, citing escalating costs and a tighter retail trade.
(Photo credit: Max Brenner Facebook)
