BAKERY franchise operator Brumby’s says it will chase a number of new acquisitions once its debt-reduction strategy is finalised next month.
Managing director Michael Sherlock said the franchise group, which started in Victoria in 1975, had already identified several acquisition opportunities it could pursue in the next 12 months.
“There are several food retailers who we believe could benefit from our management expertise while maximising value to shareholders,” Mr Sherlock said after Brumby’s annual general meeting in Brisbane yesterday.
Mr Sherlock remained tight-lipped on specific companies the Brumby’s franchise would be pursuing, saying it would be inappropriate to comment before any negotiations being finalised.
“We’ve got a few on our list,” said Mr Sherlock.
“We believe we can diversify because we don’t see ourselves as a baking industry; we see ourselves as as food-franchising industry.