One potential buyer of Eagle Boys is having second thoughts after receiving “superficial” financial details of the troubled pizza franchise.
Franchised Food CEO Stan Gordon, who owns a string of retailers including Mr Whippy and Cold Rock Ice Creamery, says he is reconsidering whether to pursue Eagle Boys after receiving an information memorandum from administrators.
Franchised Food Company has more than 150 stores across seven brands, including Pretzel World, Nutshack and the recently acquired Healthy Habits business.
“We were interested and we briefed solicitors and received an information memorandum but it was superficial at best,” Gordon said.
Gordon said media speculation that Eagle Boys was set to do a deal with Pizza Hut had also made him reconsider making an offer.
The veteran retailer has shown interest in Eagle Boys previously, making an offer for the company in November after he was approached.
Gordon said he never heard back from the company and only learnt of Eagle Boys going into adminstration when it made media headlines in early July.
Administrator SV Partners released a statement on Friday saying it had fielded a large number of interested buyers and that it expects a rigorous and competitive sale process.
It also said its focus was on achieving a positive outcome for all creditors and franchisees over the next six weeks.
Eagle Boys’ head franchisor went into administration in July and has closed all of its corporate stores as it succumbed to financial troubles amid fierce competition in the takeaway pizza industry.
