Australian bakery chain Brumby’s is to repurchase a 23.6% stake that is currently held by food group Burns Philp.
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The franchised bakery chain will pay A$2.6m (US$1.67m) for Burns Philp’s stake in Brumby’s. Burns Philp acquired the stake through its recent takeover of Australian food giant Goodman Fielder, reported the Courier-Mail.
Brumby’s, which has around 270 franchised bakery stores in Australia and New Zealand, announced in May that it planned to invest $60m in expanding its chain to almost 500 stores over the next five years.
