Cooks Food Group, a New Zealand-based shell company, has entered in to a conditional sale and purchase agreement with Franchise Development (FDL) to purchase the global intellectual property rights to Esquires Coffee Houses, excluding New Zealand, Australia and Canada.
The transaction includes franchisor rights with the Esquires master franchisee's operating in Ireland and the UK.
The move is in line with the company's strategy to emerge as a global retail and supply chain business aligned with Esquires.
In connection with the transaction with Cooks, and through a $1.3m secured advance from Cooks, FDL has acquired Esquires Coffee International, the owner and master franchisor of the global intellectual property rights to Esquires Coffee Houses, excluding New Zealand, Australia and Canada.
The purchase of FDL will be funded through an issue of shares in Cooks to an entity controlled by New Zealand coffee entrepreneurs Stuart and Lewis Deeks and a cash payment of $300,000.
Cooks is presently in negotiations to buy a New Zealand-based food processing business and some overseas retail businesses.
In recognition of this transformation, Cooks mulls to change its name to Cooks Global Foods, if the transactions are approved.
