The payments will include a $5 million refund to the group’s Michel’s Patisserie franchisees for fees they paid into a marketing fund for the group.
Jessica Shapiro
The investigation also revealed that in some instances, franchisees had been given incorrect, out-of-date or incomplete information about the financial performance of the store they were buying off the group as part of the franchise arrangement. The media investigation sparked a rout in RFG’s share price, which was trading at $4.40 before the reports. RFG shares are now worth around 7c.
RFG, which also owns the Pizza Capers, Crust, Brumby’s and Donut King brands, said it had made no admission as to the ACCC’s allegations in the civil penalty proceeding and would pay no penalty as part of the settlement. The franchisor has agreed to pay some of the regulator’s legal fees.
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