Profits could becoming from forward booking of payments from franchise's, but with that in mind a lot of the Franchise stores are trading in the red.. I would like to see the P&L's of say 50% of the stores to see how they are truly going..
Growth via buying more brands is good.. but can it be sustained and what is the debt structure looking like?
What happens in a down turn and the Franchise's cant pay?
B a little careful on this one.. might be a deck of cards ready to crumble..
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