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Midas Australia is a Lazard acquisition that has been considered by industry insiders as going against the natural order of worthwhile investment analysis. Lazard recently sold Dun and Bradstreet but is it preparing to shed again and is Midas ready to go?
Midas Australia came to apparent calamity on Christmas eve 2008 when John Fletcher and Lazard forced Midas into voluntary administration. With the forced exit of the previous franchisor, Philip Bonney, the franchise landed back with Lazard in early 2009. There were no creditors jumping for joy as debt and leases were discarded.
For most of the past twenty one months there has been very little Midas activity until recently. A splurge in advertising disproportionate to the size of the now relatively small network, national campaigns to enlist established independent operators to franchising and new leasing activity hints that Midas Australia may be being prepped for a sale.
Sydney franchisee of six years;
I hope so. We have a new jockey but it’s the same bloody horse. The same problems from years ago are still here. It might be more peaceful without Bonney but it’s still f…… hard.
Midas Australia was sold by Midas International to Philip Bonney in 2000 with franchisees at the time being optimistic. The majority were sadly disappointed by his performance.
Telephone call to Ray Borradale;
I just can’t see there’s much left to squeeze from those poor bastards but it should be another fun run. Give them 10 out of 10 for persistence.
Watch this space
Related Reading: Dun & Bradstreet Sold - $100M Proift