BreadTalk closure put off due to potential investor interest

R I L Property PLC will not suspend the operations of BreadTalk as announced last week, as the company is now in negotiations with a potential investor, who intends to acquire the franchise rights.

“R I L is in the process of negations with a potential investor who intends to acquire 100 percent of the shares of FoodBuzz (Private) Limited,” R I L Property said in a stock exchange filing.

“In light of this we wish to keep the exchange informed that the temporary suspension of operations as announced on March 16, 2021 has not been implemented,” it added.

R I L Property in a previous disclosure informed the market that the director board of its wholly owned subsidiary FoodBuzz had decided to close all BreadTalk outlets from March 20, 2021 until further notice.

It stated that the decision was taken due to adverse market conditions stemming from the Easter attacks as well as the ongoing pandemic.