NEW HEADS AT ALLIED BRANDS

NEW HEADS AT ALLIED BRANDS

LISTED ‘brandchisor’ Allied Brands (ABQ) is hoping a leadership shuffle will bring about some investor confidence in the group.

Following the resignation of CEO Shane Radbone and managing director Peter Graham (pictured) in the past two months, the company behind confectionary outlet Baskin & Robbins and Kenny’s Cardiology, is in a rebuilding phase after a tough 12 months.

Graham will remain on the board as a non-executive director. He says basic businesses are still strong and that his confidence in the company remains.

“At 62 years of age, I heard the bell ringing sometime ago. If you don’t move out of the way and let the young guys through, they will run over you anyway,” says Graham.

The company raised capital in the US earlier in the year to embark on a robust rebranding strategy.

New York asset management firm SpringTree Global Investors, credited up to $4.9 million of its special operations fund to Allied Brands and its recently established franchising services division.

The funding became available after Allied Brands announced a $150,000 acquisition of four Coffee Bean and Tea Leaf retails stores.

The company had a slight win in combating its falling share price with department store giant Big W taking on its Baskin & Robbins confectionary products. The deal resulted in three Baskin & Robbins products trialled in 50 Big W stores nation-wide.

Chief operating officer Sean Corbin is acting CEO as the group looks to consolidate.

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

HMC Capital enters private credit market with $127.5m purchase of Payton Capital

HMC Capital enters private credit market with $127.5m purchase of Payton Capital

After more than a year of due diligence and amidst plans to lift it...

Cost of living elevates salaries and perks as key drivers of employee retention in 2024

Cost of living elevates salaries and perks as key drivers of employee retention in 2024

The cost of living is making salaries and perks just as important a...

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Enterprise roll-out "one of the biggest launches in Canva's history" as ARR hits $2.2b

Sydney-headquartered graphic design and visualisation tool giant Ca...

Bond University awards highest alumni recognition to esteemed lawyer Derek Cronin

Bond University awards highest alumni recognition to esteemed lawyer Derek Cronin

Bond University has recognised the achievements and community contr...