THIS IS MONEY20 Sep 2016 00:45
An early investor in Domino’s, Wray’s relationship with Mr Hemsley began in the 1990s and the duo intended to rescue MyHome and expand the business, using their experience of the franchise world. Then the financial crisis erupted and plans for MyHome had to change.
Mr Hemsley spent several years restructuring the business, selling unprofitable divisions, upgrading the management and improving the way the company was run. It was renamed Franchise Brands and today it has two major divisions, Ovenclean and ChipsAway.
Ovenclean provides an exceptionally thorough oven-cleaning service; ChipsAway offers small-scale scratch and dent repairs for cars. MyHome is now a minor part of the group but may be developed in time.
Mr Hemsley is actively looking for acquisitions, too, and there are at least two in the pipeline. The aim is to focus on franchise businesses with strong brands and similar customers to Ovenclean and Chips-Away so that the company can offer a multitude of services to each customer.
It is early days for this company but the signs so far are encouraging. Last week, the group delivered maiden results for the first six months of this year, showing profits up 18.3 per cent to £724,000.
Midas verdict: Franchise Brands is a relatively small business today, but Mr Hemsley and his management team are highly experienced and determined to succeed.
Read more: http://www.thisismoney.co.uk/money/investing/article-3795106/SUNDAY-NEWSPAPER-SHARE-TIPS-Franchise-Brands-Hummingbird-Resources-San-Leon-Energy-Kier.html#ixzz4KkELxviB
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