SmartCompany.com.au:
The sale of Allied Brands’ former franchise chain Cookie Man
could be completed by the end of the week, although the liquidator of the group has denied Indian press reports that an Indian group has already purchased the company.
Liquidator Peter Hillig of Sydney insolvency firm Smith Hancock says reports that an Indian group had purchased the company were incorrect, but the Indian company is one of several parties still jostling for the business.
Hillig refused to name any of the potential bidders for the chain, but said he was hopeful of finalising a deal by the end of this week.
Cookie Man currently has 46 franchised outlets around Australia. Allied Brand’s financial report shows the company had revenue of $6.2 million in 2009-10, but posted a net loss of $2.6 million.