This is a very simple business in that they take a royalty on...

This is a very simple business in that they take a royalty on the sales from its underlying network of stores.

Big negatives for me

Negative SSS in real terms. Less royalties equally less sales.

Store network continues to decline and significantly for some brands. Happy to be corrected but it's like 6 years in a row that the network has shrunk. This shows no sign of letting up. Less stores equal Less royalties equals lower sales.

All the excuses under the sun are now behind this company (previous management, debt, COVID, ACCC etc etc). Management just cannot deliver. Little to no skin in the game....just take the pay cheque and turn up each day.

Still not investable for me. will check back in another 6mths but doubt they can deliver anything meaningful.