Esquires new owner posts profit, explains plans
posted on 1st August 2013
Cooks Food Group, the company taking the overseas Esquires Coffee Houses franchise on to the NZAX through a backdoor listing, has posted a profit by writing off debt and receiving a refund of interest paid on loans. Read the Annual Report here. The report has a summary of Cooks’ transformational share purchase agreement with the Deeks Brother's Franchise Development Limited that sets out the way forward for the former shell company. The originally announcement in June 2013 has been followed by additional international acquisitions of franchises and master franchises.
NZX-listed Cooks Food Group has been able to post a profit by writing off debt and receiving a refund of interest paid on loans, its full-year financial results show.
The company's net profit after tax for the year ending March 31 was $1.16 million, up from a $592,000 loss in 2012.
Cooks chairman Keith Jackson said the company was on the pathway to transforming itself into an integrated global coffee chain through the purchase of the Esquires Coffee franchise, which was announced last month.
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