Confusion reigns as Max Brenner deal goes sour

Doubts had been raised this morning over a reported “done deal” by investment brothers David and Craig Tozer to secure the Australian licence to the failed cafe chain Max Brenner after insolvency firm BDO Australia sent out a press release saying that the transaction by the Tozer family had not been completed nor entered into.

However, BDO’s Andrew Sallway told The Australian that the only deal that had fallen over was for Tozer & Co to buy the remaining assets of Max Brenner Australia, namely the 17 stores that are still operating, stock, equipment and hiring remaining Max Brenner staff.

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He confirmed Tozer & Co had indeed secured the licence to operate Max Brenner in Australia from the global company’s owners, Max Brenner International.

“I am appointed liquidator of the company, Max Brenner Australia, it has employees, and stores and stock … David Tozer has the licence,’’ Sallway told The Australian.

“The deal that has fallen through was to trade Max Brenner Australia, we were doing a deal for him to use my staff, my stores, my stock, we were going to do that deal so he (Tozer) could use the brand, put the brand to use.

“All I’m saying he (Tozer) can use it, but to use the licence you need stores. He has got the licence, that is fine, my company is in liquidation, no skin off my nose, all part of the deal, and were supposed to do a deal so he could use the licence that he got from Israel and make profit out of that brand that he has now got a licence to use.

“He needs people, and stores and stock, and we were going to do a deal so he could use those resources and we weren’t able to do a deal.”

Sallway confirmed Tozer & Co could source their own stock, staff and stores and still operate Max Brenner in Australia.

Max Brenner has 17 stores left in Australia. The company collapsed last month.