Huntingwood. Deloitte to sell doughnut chain

Krispy Kreme Australia, based at Huntingwood, has appointed Deloitte Corporate Finance to undertake a sale of 100 per cent of the doughnut chain, which entered the Australian market with the opening of an outlet, at Panthers, in Penrith, in June 2003. The Australian Financial Review said the company, which operates stores in NSW, Queensland, Victoria and the ACT, wants to move to a more wholesale model and away from retail outlets. Last year the chain generated revenues in excess of $50 million. The US-based company announced its first franchise agreement outside of North America, in 2002, awarding development rights for Australia and New Zealand, when it partnered with Borderless Australia Pty Ltd to form Krispy Kreme Australia Pty Ltd.