Max Brenner saved from liquidation by Tozer & Co
Max Brenner has been breathed new life by investment office Tozer & Co with a last minute deal that sees the chocolate chain and dessert cafe saved from liquidation.
When the brand went into voluntary administration earlier this month, a large question mark loomed over its 37 stores and 600 staff.
However, with the family-run Tozer & Co buying the licence for Max Brenner's Australian business, the stores will remain open and continue to trade as usual while the details of the agreement are finalised over the coming months.
As of this stage, no sale price has been revealed.
David Tozer, managing director of Tozer & Co, told Fairfax Media that he and his team were thrilled to have the opportunity to purchase Max Brenner in Australia.
He said, "In conjunction with the franchisor, we are excited by the prospect of investing, growing and developing a highly successful business.
"The brand has a rich history across the world and also within Australia."
Operated by brothers David and Craig Tozer, Tozer & Co has a varied portfolio of investments, including technology, consumer products and financial services.
Craig Tozer is a board member of Craveable Brands, which oversees fast food franchises Red Rooster, Oporto and Chicken Treat, and is the chief executive of Oporto.
Max Brenner had a turnover of $50 million in Australia in 2017, but the business is said to have struggled following an expensive renovation of the company’s head office in Alexandria, Sydney.
It has been reported that Max Brenner stopped paying superannuation to its employees in the latter half of 2016, and owes $5.8 million to both current staff and those made redundant during the administration.