New potential buyer for Midas
Friday, September 7, 2007/
The troubled Midas car care franchise may have found a new buyer. There are rumours now circulating in the franchising community that Midas Australia’s owner Philip Bonney is in discussions with a new potential purchaser: Nigel Warr, the owner of Perth-based Automasters, which has about 35 auto repair outlets in WA and NSW.
In early July, SmartCompany reported that a planned sale of the business to John Pearson, the owner of Tyrecorp, had completely fallen over, after several delays.
The Midas franchise chain has been mired in controversy for several years with several franchisees and former franchisees making allegations of unconscionable and misleading and deceptive conduct against the franchisor. ACCC investigations, at the behest of disgruntled franchisees, have not resulted in any legal action against the company, which has always denied the allegations.