A renowned cafe-bakery chain, known as a popular stop for road-trippers leaving Sydney, is reportedly up for sale. Heatherbrae’s Pies, established by Russell and Amanda Cox 22 years ago, has engaged boutique investment bank Wyuna Partners to facilitate the sale.
With three strategically located stores boasting ample parking, Heatherbrae’s Pies caters to travelers on their journey out of Sydney by car. Its locations include Sutton Forest off the Hume Highway, Heatherbrae near Newcastle on the Pacific Highway, and Ourimbah on the NSW Central Coast, also near the Pacific Highway.
Offering a variety of pies, sausage rolls, pastries, cakes, and coffee, Heatherbrae’s Pies competes with fast-food giants like McDonald’s and KFC along major highways. According to the Australian Financial Review, the business achieved a turnover of approximately $15 million last year, with significant growth in revenue at its Sutton Forest location.
The investment memorandum highlights Heatherbrae’s Pies’ impressive gross profit margins, surpassing those of most ASX-listed quick-service restaurant groups. With over 1.8 million customers served last year, boasting a 90% repeat customer rate, the business is described as highly profitable with efficient operations conducive to nationwide expansion.
Although initially marketed for sale with its three retail properties, the investment bank is now considering leasehold options. Offers for Heatherbrae’s Pies are due by February 29, with a targeted sale completion by late April.
