Retail Food Group (RFG) is proposing a corporate rebrand to Savora Brands Limited and consolidating its portfolio to focus on five core brands: Gloria Jean’s, Donut King, Brumby’s Bakery, Crust Gourmet Pizza and Beefy’s Pies.
In a statement to the ASX, RFG said the change marks a milestone in the company’s evolution, with a commitment to build on its brand heritage while pursuing innovation and growth. The name change is subject to shareholder approval at the AGM later this year.
Retail Food Group rebrand
RFG CEO Matt Marshall shared the corporate rebrand news in a YouTube video. He said early discussions about what was important to the business took place with team members, franchisee representatives, the senior leadership team, board and suppliers.
“The feedback was clear: a desire to be part of an organisation with a clear purpose and ambition, a willingness to embrace a positive new growth journey, and a need to acknowledge our brand heritage whilst aligning the organisation in a future that instills pride amongst all its stakeholders,” Marshall said.
“The business has prioritised five growth drivers to build scale with our core brands that will continue to underpin the health of our network and accelerate organic growth,” he said.
Marshall believes the five brands have the potential to scale to beyond 200 stores. He said the business is setting a “new gold standard in brand network management”.
RFG profits at $5.8m
The announcement of the proposed name change was included in RFG’s FY24 results released yesterday. RFG reported a net profit of $5.8 million.
Revenue rose 9.7 per cent to $132 million while earnings before interest, taxes, depreciation, and amortisation (EBITDA) rocketed 611.3 per cent to $211.7 million.
During FY24 RFG added 92 stores to its footprint and renewed 131 franchise agreements. Forty three stores were refurbished.
The cafe, coffe and bakery segment led the strong sales results, contributing 71 per cent of group network sales. Same store sales lifted 4.9 per cent compared to the previous corresponding period. Despite a customer count down by 2 per cent, the average transaction value rose 5.9 per cent to $9.65.
In FY24 RFG opened its first new Beefy’s Pies store at Ballina, NSW and signed three leases for new locations. Rack ‘em Bones BBQ Ribs launched an e-commerce site to extend its reach beyond Uber Eats. RFG launched its second e-comm platform, Donut King Occasions, which saw 68 per cent of Donut King outlets live within nine weeks of launch.
