News blog
Global Brands
- BY: Andrew Hore |
- POSTED: 19/06/2009 |
Global Brands has reported its 2008 results and the shares returned from suspension.
Global Brands is the exclusive master franchisee of Domino’s Pizza in Switzerland, Luxembourg and Liechtenstein. The shares fell 9p to 20p each – the bid/offer spread is 15p/25p - after they returned from suspension. That values Global Brands at £960,000.
Revenues grew from CHF10.9m to CHF11.7m, while the loss rose sharply from CHF1.48m to CHF2.56m. Global Brands had net cash of CHF1.55m at the end of 2008. On top of that are bank guarantee deposits of CHF305,000. However, creditors are significant with trade creditors alone worth £2.1m. The main shareholder of the company has agreed to loan CHF1m until June 2010.
Global Brands has removed its executive chairman and chief executive during this year. The board is reviewing the company’s management structure.
The stores are operating profitably but do not generate enough to cover group overheads. A new store was opened in Basel in the third quarter of 2008. Global Brands has to pay $10,000 to Domino’s when a new store is opened. Lack of finance will hamper new store openings.
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