Supanews has reportedly reached a settlement with the former franchisee of their Frankston store which the company locked them out of just before Christmas. The same source tells me that Supanews, or parties close to Supanews, have reportedly agreed to purchase a franchisee outlet in NSW. The franchisee advertised the business for $80,000 so no wonder they wanted this out of the newspapers.
Representatives of Supanews are talking to some newsagents about purchasing their businesses. Newsagents are skeptical, worried that the interest is only so they can access business data in advance of directly approaching the landlord. At least one newsagent has refused to sign the Supanews offered confidentiality agreement. It’s a tough situation for newsagents because the prospect of selling for a good price will make them very interested. However, it is important that they access appropriate legal; advice and ensure that their interests are well protected in the event of such an approach.
If the Supanews reports noted above are right, there will be some interesting discussions going among the new partners in Supanews, especially from the Angus & Robertson / Whitcoulls side I’d expect.