A restaurant-bakery chain that’s a well known pit cease for individuals road-tripping north or south from Sydney is reportedly up on the market and the brand new homeowners might look to increase it Australia-wide.
In response to the Australian Monetary Evaluation Heatherbrae’s Pies, which was opened by husband and spouse duo Russell and Amanda Cox 22 years in the past, has engaged boutique funding financial institution Wyuna Companions to promote the enterprise.
It has three shops with giant parking areas, all positioned to seize travellers heading out of Sydney by automobile and in search of a handy pit cease.
Its Sutton Forest location is simply off the Hume Freeway between Sydney and Canberra, its Heatherbrae web site is simply off the Pacific Freeway, north of Newcastle, and its Ourimbah retailer can also be close to the Pacific Freeway on the NSW Central Coast.
As its title suggests, Heatherbrae’s Pies sells a variety of pies, sausage rolls, pasties, truffles and different sweets and nicely as espresso, competing with fast-food giants resembling McDonald’s and KFC alongside the highways.
Quoting the gross sales memorandum, the Australian Monetary Evaluation mentioned the enterprise turned over round $15 million final 12 months, with income from its Sutton Forest location having grown 15 per cent every year since 2019.
Within the doc, Wyuna claims its gross revenue margins are “considerably greater than most ASX-listed fast service restaurant teams” and that it served greater than 1.8 million clients final 12 months, with 90 per cent of these being repeat clients.
It’s described as a extremely worthwhile enterprise with excessive ranges of operational effectivity that make it able to be expanded to different components of Australia.
The funding financial institution reportedly tried to promote the enterprise – together with its three retail properties – final 12 months, and whereas that’s nonetheless the popular possibility, it’s now open to promoting the enterprise on a leasehold foundation.
Affords for Heatherbrae’s Pies are due by February 29, with a sale hoped to be accomplished by late April.
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