A number of companies failed to make their deadline for lodging their half yearly reports.

One of these companies is the Retail Food Group (RFG), one of Australia’s largest franchisors.

One of the franchises under RFG’s belt is Brumby’s Bakeries which was sold in 2007 for $46 million by founder Michael Sherlock.

Mr Sherlock tells Ross Greenwood franchisees are now leaving the bakery brand in force.

“What’s happening now in my suburb, my two newest Brumby’s stores they’ve both de-badged and gone off as independent.

“They can now buy their flour cheaper than what they could through RFG.

“Now they’re leaving in droves.”

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