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Retail Food Group (ASX:RFG) is regarded by Australian fund managers as a franchise turnaround that has shifted back to growth. In December 2025, Collins St Asset Management described RFG as the country's largest multi-brand food franchise group, operating 11 brands across more than 1,200 outlets, and noted that after five years of rebuilding franchisee relationships and rationalising its portfolio, the company launched Firehouse Subs, its first new brand in years, with revenue up 13% for the year. Retail Food Group operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 7 comments from 2 fund managers, including Collins St Asset Management and Renaissance Asset Management. Founded in 1989 and headquartered in Robina, Queensland, RFG franchises and manages food chains across bakery and cafe, quick-service restaurant and coffee retail segments, including Donut King, Gloria Jean's and Crust.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Collins St Asset Management and Renaissance Asset Management have invested in Retail Food Group Ltd (ASX:RFG).
Collins St Asset Management highlights the end of a five-year rebuild, with RFG now returning to growth through new brand launches such as Firehouse Subs, continued portfolio rationalisation and repaired franchisee relationships. Revenue grew 13% and EBITDA modestly, and the manager expects earnings to benefit as residual restructuring costs fall away.
Earlier commentary shows the turnaround has not been smooth: Renaissance Asset Management sold out after disappointing results and the resignation of the chief executive. Collins St also noted that residual restructuring costs muted earnings per share, so execution on new brands and sustaining franchisee profitability remain key risks.
Retail Food Group Ltd. is an Australian food and beverage company founded in 1989 and headquartered in Robina. The firm specializes in the franchise, investment, and management of food chains across four segments: Bakery/Cafe, QSR, Coffee Retail, and Di Bella Coffee. Key brand systems include Michel's Patisserie, Donut King, Brumby's Bakery, Crust Gourmet Pizza, Pizza Capers, Gloria Jean's Coffees, Esquires, Café2U, and The Coffee Guy. Additionally, the Di Bella Coffee segment operates wholesale coffee operations.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.