Focused on capital requirements
Cooks Global Foods (CGF) has reaffirmed its 650-store budget for Esquires Coffee by March 2021, but has acknowledged that the growth path may not be smooth. The company needs to obtain additional funding to fuel this growth and in the short term has arranged a NZ$2m convertible loan facility from two of its largest shareholders. CGF also has shareholder approval to raise NZ$9m, and we understand the company is in discussions with strategic investors. The company’s auditor, PricewaterhouseCoopers, has issued a disclaimer of opinion on CGF’s going concern status. Our forecasts and valuation are predicated on management’s budgets for store openings and sales, and the assumption that the company will secure the required funding.Cooks Global Foods Ltd. Cooks Global Foods Limited is a New Zealand-based company engaged in the food and beverage industry. The Company's segments include Global franchising & design, UK franchising & retail, Ireland franchising & retail, China franchising & retail, Supply and Corporate. It owns the franchising rights to the Esquires Coffee brand (excluding Australia and New Zealand). In the United Kingdom, Ireland and China, the Company directly operates and franchises Esquires Coffee stores, whilst in the Middle East, Indonesia, Northern Cyprus and Canada, the Company has master franchise agreements. The Company's Esquires franchising and retail segment receives two main income streams: Retail Sales from owned stores (the United Kingdom, Ireland and China) and Royalties from and Product Sales to Franchisees (the United Kingdom, Ireland, the Middle East and China). The Company's Supply segment represents the supply of tea/coffee/beverages and fresh produces.
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