News blog
Global Brands
- BY: Andrew Hore |
- POSTED: 03/11/2011 |
Global Brands has not been able to raise the cash it required to take on the master franchise for Domino’s Pizza in Austria.
Global Brands is already the Switzerland franchisee of Domino’s Pizza but it did not get a good enough response from potential funding providers.
At 1.5p a share, down 0.38p, Global Brands is valued at £3.06m. In October, chief executive Bruce Vandenberg bought 250,000 shares at an average price of 1.63p a share. He owns 2.48% of the company.
That was after a disappointing third quarter trading statement. Trading during the summer was tough and the comparatives were strong. Third quarter sales for the outlets were 2.6% ahead. The company’s like-for-like revenues were 0.6% down. The strong Swiss Franc could hamper trading in the fourth quarter. However, October like-for-like revenues are 4% ahead.
The second Pizza Taxi store’s conversion has been delayed and the third store will not be converted to Domino’s Pizza. It has been difficult to find suitable sub-franchisees for new outlets.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf
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