Allied Settles Its Cookie Man Purchase

Gc Bulletin:

ALLIED Brands yesterday settled its $5.83 million purchase of the Cookie Man franchise in a move described by managing director Peter Graham as a ‘defining moment’ for the company.

“The path we embarked on when we first listed the company in November, 2004, is now finally coming to fruition,” he said.

The Mermaid Beach-based Allied Brands, which is Australia’s master franchisor for the Baskin Robbins chain, is expecting the 46-store Cookie Man business to contribute $400,000 to its profit this financial year.

The acquisition, which is being funded through cash and scrip, is the first since the company listed and follows its failed attempt at the Wendy’s ice cream chain last year.

Mr Graham said Cookie Man Australia’s chief executive Peter Elligett had been invited to join the Allied Brands board.

He said the company was entering a ‘very exciting phase.