Finance

Pie Face administrators advertise for new owners, but Stan Gordon is still waiting by the phone

Eloise Keating /

Jirsch Sutherland has reportedly started the formal sale process for collapsed retailer Pie Face, but the man who last week put up his hand to buy the company says he is still waiting for a call.

Stan Gordon, chief executive of Cold Rock Ice Creamery owner Franchised Food Company, revealed to SmartCompany last week he contacted the administrators on November 25, just days after Pie Face entered voluntary administration, but did not receive a response.

Speaking to SmartCompany this morning, Gordon says he finally received an email from Jirsch Sutherland on Saturday afternoon after his bid for the company was reported.

But he says the email suggested there is no urgency to the sale process. Instead, the administrators indicated they have been “procuring funding” for the company to continue to trade.

“In the initial period of the voluntary administration, we have been bedding down the operation of the companies and procuring funding for the continuation of trading,” said the email.

“Having now completed that initial process, we are writing to advise you that, subject to continued funding and continuation of trading, we will be exploring the sale of the companies’ business and assets.”

The revelation comes as News Corp reports Jirsch Sutherland has placed advertisements for Pie Face in national newspapers from today.

According to News Corp, Pie Face founder Wayne Homschek joined the administrators to address franchisees this week, signalling there will be no further store closures in the immediate future.

SmartCompany was unable to locate the advertisements and did not receive a response from Jirsch Sutherland prior to publication.

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Eloise Keating

Eloise Keating is the editor of SmartCompany. Previously, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry.

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