)
A NEW owner will be found for Eagle Boys within six weeks, following the release of an information memorandum by administrators SV Partners.
SV Partners Executive Director, David Stimpson, says the short time frame is intended to minimise interruption to the Eagle Boys business and its franchisees.
"We have had a large number of interested parties contact us and are now looking for a clear commitment through the due diligence and binding offers stage,' he says in a press release today.
Stimpson on Thursday secured a delay for the second creditors meeting at the Brisbane Federal Court, in order to find a buyer for the business.
There are reportedly five interested parties in the business, but Stimpson said there are no favourites as of today. Crowe Horwath Corporate Finance will co-ordinate the sale process.
"Despite recent press articles, we are not preferring any one interested party over another at this point," says Stimpson.
"That decision will be made during the due diligence stage once expressions of interest have been received."
It has been speculated that Allegro Funds wants to buy Eagle Boys, and Pizza Hut from YUM! Brands, with the intent to merge both companies.
This would create a business with a clear second-placed market share of 35 per cent, with around 384 outlets.
YUM! Brands itself is also reportedly interested in acquiring Eagle Boys.
Stan Gordon, the owner of Melbourne-based Franchise Food Company, has also stepped forward as a suitor, and he previously outlined his plans for the chain to Business News Australia. However, he has withdrawn from the sale process.
Retail Food Group is understood to have pulled out of the sale process.
The timeline for the Eagle Boys sale is as follows:
- Submission of non-binding Indicative Offers - 5pm (Brisbane time), 17 August, 2016
- Short list parties and host due diligence - 18-31 August, 2016
- Submission of final binding offers - 6 September, 2016
- Documentation/completion - 20 September, 2016
)
