Cooks in final stages of FDL acquisition
Cooks Food Group has got the green light from its shareholders to go ahead with the acquisition of Franchise Development Limited (FDL).
At the company’s annual general meeting on 1 October, its shareholders unanimously approved resolutions associated with the acquisition of FDL.
They also approved resolutions relating to Cooks’ move to fund the acquisitions of Esquries Coffee Houses in Ireland and the UK, as well as a number of other businesses, using the company’s shares.
Cooks announced its intentions to purchase FDL, the company owned by the founders of the Esquires Coffee brand, back in June.
The company owns the intellectual property and master franchising rights to Esquires Coffee Houses worldwide, other than in Canada, New Zealand and Australia.
When Cooks officially takes over the brand the master franchises of Esquires Coffee Houses in regions including Asia, the Pacific Islands, the Middle East and North Africa will report to the company.
Transactions are expected to be completed next week.
Cooks is also currently in negotiations with Esquires Coffee Houses, Inc to acquire the intellectual property rights and master franchise for Canada, which includes 13 stores.
The acquisition will see Cooks expand its reach internationally, and as such it will soon change its name to Cooks Global Foods.