Retail Food Group refutes AFR report on potential sale of Crust
The company says no formal binding agreement has been reached with any buyer “at this stage”.
Retail Food Group (RFG), the owner of Michel's Patisserie, Brumby's Bakery, Donut King and Gloria Jeans, has commented on a report by the Australian Financial Review on possible talks to sell Crust’s Gourmet Pizzas to investment group PAG Asia Capital.
“The company confirms, as previously announced, that it will be seeking to reduce its debt by various means, including the investigation of the possible sale of assets,” said in their annoucement to the ASX. “That process is ongoing, although no formal binding agreement has been reached with any buyer at this stage in respect of any of RFG’s assets.”
RFG also commented on the reported AU$100 million valuation of Crust, stating that the amount “exceeds RFG’s expectations as to the sale price for that asset if it was to be sold as a part of that process.”
“RFG will keep the market informed of any sale of assets or other steps taken to reduce its debt in accordance with its continuous disclosure obligations,” they added.
