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Category: Retail / Food and Beverage

Eagle Boys pizza calls in voluntary administrators

Tuesday, 19 Jul 2016 12:41:27 | Justine Parker

Vegetarian pizza with olives, mushroom and capsicum. (Flickr: Peter Svensk.)

Australia's third biggest pizza chain Eagle Boys has been placed into voluntary administration after nearly 30 years in business.

SV Partners was appointed administrators of the chain late last week, and will hold talks with potential buyers as it completes a review of the business.

Eagle Boys said all franchisee-run stores will trade as usual during the administration.

The collapse comes amid intense competition among the $3.5 billion pizza industry's top players, Domino's Pizza and Pizza Hut.

In a statement, Eagle Boys said SV Partners was "maintaining business as usual and continuing with negotiations for a sale of the business".

"The administrators are in the process of identifying restructuring measures," it said.

"Eagle Boys stores across Australia will continue to trade during this process. For Eagle Boys customers, franchisees, employees and suppliers it's 'business as usual' while the administrators' review is underway."

The pizza chain currently has around 200 stores globally, down from a peak of more than 330 in 2013.

Founder Tom Potter opened the first Eagle Boys in 1987 in Albury, NSW.

He sold the business to private equity firm NBC Capital in 2007.

The first creditors' meeting will be held next week in Brisbane.

AustraliaPlus


 

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