Australian pie franchise Pie Face has made a comeback from voluntary administration, with the appointment of a new CEO and the signing of a Deed of Company Arrangement.
Pie Face launched in Sydney in 2003 and now has 89 stores across Australia, the United States and New Zealand, with plans for expansion into the Middle East, Malaysia and Singapore. The Company offers premium handmade sweet and savoury pies, pastries, cakes, muffins, coffee and other lunch options. Products made in the Pie Face Central Kitchen are distributed to stores where they are baked fresh for customers 24 hours per day.
Australian Food News reported in November 2014 that Pie Face had collapsed into voluntary administration. Pie Face said the move into administration came “as part of a wider company review, which will see the company focus on supporting the growth of its franchise-operated stores as well as the wholesale business”. Pie Face said the international businesses are not affected. The announcement of the Deed of Company Arrangement and the new CEO came as The Australian newspaper reported that the Pie Face Group had received a $2 million loan from US-based TCA Global Master Fund. The loan will be followed by a $10 million Wall Street capital raising bid.
On 31 December 2014, the new board of Pie Face appointed Kevin Waite as Group CEO. Former CEO Wayne Homschek will remain on the board as a non-executive director.
In a statement, Pie Face said that the Company had “an excellent long-term future”, now that the Deed of Company Arrangement had been signed.
The Company said the focus going forward would be to “revitalise the brand” through a heightened focus on franchisee profitability, seeking significant increases in wholesale production, and growing the brand’s international representation.
