Money: 'Particularly unjust': Retail Food Group to face blowtorch - PressFrom - Australia
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Money'Particularly unjust': Retail Food Group to face blowtorch

01:40  15 march  2019
01:40  15 march  2019 Source:   brisbanetimes.com.au

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Retail Food Group (RFG) may be forced to close more than 450 stores by 2020, according to UBS. In announcing its results, Retail Food Group said it has decided to close between 160 and 200 Australian outlets by the end of the 2019 financial year due to high rents and declining shopping

Retail Food Group (Australia) Limited, often abbreviated to RFGA or RFG (ASX: RFG), is an Australian franchiser based in Southport, Queensland.

'Particularly unjust': Retail Food Group to face blowtorch© Jessica Shapiro The committee has called on regulators to investigate RFG.

Embattled Retail Food Group and its current and former directors and executives are set to face the regulatory blowtorch after a powerful parliamentary inquiry called for an investigation into potential insider trading, tax avoidance, directors’ duties and market disclosure.

The franchise group, which operates brands including Michel’s Patisserie, Brumby’s, Gloria Jeans and Donut King, was singled out for special mention in a damning report into the $170 billion franchising sector that calls for new laws, greater enforcement powers and penalties and a suite of changes to the franchising code.

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Retail Food Group (RFG) is a global food and beverage company. It's Australia’s largest multi-brand retail food franchise owner, a roaster and supplier of high quality coffee products and an emerging leader in the foodservice, dairy processing and wholesale bakery sectors.

Three former Retail Food Group executives repeatedly refused to appear before the committee and two went to court in a bid to avoid doing so. They were eventually compelled and their conduct was questioned. The report recommended that regulators look into Retail Food Group broadly, but also

The report, released on Thursday, said it considered the RFG business model “high risk”, relying on buying new brands, stripping out costs, “exploitative fee gouging” of franchisees and slashing services.

“This is a strategic system-wide approach to business whereby RFG's success relied on extracting profits from its franchise systems with hugely deleterious results for franchisees,” the report said.

It questioned why the regulators hadn’t conducted “forensic” investigations into RFG, which was the subject of more submissions to the inquiry than any other company.

“The committee is surprised that none of the relevant regulators appear to have undertaken any investigation that has led to court action, or, at the very least, public acknowledgement of misconduct,” the report said.

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Retail Food Group sought a technology platform that would provide complete visibility on pipeline leasing and recruitment, so that franchise partners could establish themselves faster. Given the complexity of the franchise industry, and Retail Food Group ’s unique span across many Brand

The Food Group provides incredible service but always with an eye on keeping it cost effective for your project! Experienced. The Food Group is an important partner to Matchstick, enabling us to make a wide range of high quality content for our clients.

RFG’s troubles were first exposed in a media investigation by The Age and Sydney Morning Herald in December 2017, which outlined a crushing business model that was pushing franchisees to the wall. At the time, the share price was $4.40. Its latest share price is 20¢.

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Fast food is a type of mass-produced food designed for commercial resale and with a strong priority placed on "speed of service" versus other relevant factors involved in culinary science.

PDF | Fast food is one of the world's fastest growing food types. It now accounts for roughly half of all restaurant revenues in the developed countries and continues to expand there and in many other industrial countries in the coming the problem that fast food player faces - the cost associated with.

The report described former RFG chief executive Tony Alford as “evasive, inconsistent and generally uncooperative” in his testimony to the committee. “The committee did not find Mr Alford to be a reliable or credible witness,” the report said.

The report called on the Australian Competition and Consumer Commission (ACCC), the Australian Securities and Investments Commission (ASIC) and the Australian Tax Office to investigate RFG and its former and current directors and executives in regard to possible insider trading, short selling, market disclosure, directors' duties, and compliance with consumer law.

RFG and its current and former executive had done nothing "to instil any confidence ... that all their actions are above board and would withstand thorough scrutiny by the regulators", the committee said.

At the same time, the committee said it was possible RFG acted within the bounds of the Franchising Code of Conduct and other relevant law, which was a "highly troubling proposition".

It also lambasted the company for repeatedly refusing to provide the committee with certain data that related to allegations of “churning and burning” franchising sites for profit. Churning is when a franchisor repeatedly sells the site of a failed franchise to new owners, and burning is when a franchisor continually opens new outlets, even if some are unlikely to be viable, so it can earn upfront fees from the store's owner.

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These foods and drinks can also be too high in kilojoules (energy). Many tend to have low levels of essential nutrients so are often referred to as It is easy to have too much and too many of these foods and drinks, and many people do. If you are trying to lose weight, you are unlikely to be able to

Creative Food Group , LLC has vast expertise in operating food and beverage outlets in transportation hubs, terminals, malls, and airports across the nation. With a variety of franchises, local brands, and proprietary brands under its umbrella, CFG offers consumers and landlords with a variety of options

The committee said the refusal to supply the data was either due to board and management incompetence or because the data substantiated the allegations.

“If this is the case, then RFG may not only have engaged in unethical business practices, but may also have misled parliament,” it warned.

The report recommended the ACCC be given new powers to stop franchising companies from selling new brand licences if they had a record of churning and burning sites.

The committee found that RFG highlighted the risks associated with franchising companies being listed on the stock exchange or owned by private equity firms, in that investor returns could come at a cost to franchisees through excessive supplier rebates, high fees and lower services.

"It appears that RFG has operated a particularly unjust business model in which shareholders and senior executives have profited at the expense of franchisees," the report said.

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