A former Wall Street banker is creating serious wealth from an unlikely source: meat pies. Wayne Homschek’s Pie Face Holdings was valued at $56 million in its latest capital raising and is on track for a higher valuation and Australian sharemarket listing next year.
The café and bakery chain expects to grow from 56 stores and $18.1 million in corporate revenue in 2010-11, to 140 stores and $55 million in revenue in 2012-13. Most stores will be franchised-owned in Australia. Homschek believes Australia could support 500 Pie Face stores and the business opened its first New York store on Australia Day this year. Read more.