With PB acting as a Value-Added Distributor for TZ – they would...

With PB acting as a Value-Added Distributor for TZ – they would be commanding margins around the 30% mark.
Significant saving to customer pricing if you take part of this out.

I wouldn’t be surprised for AP to go with TZ directly just with a reduction in locations in the medium term.
AP were a little optimistic with the initial 300 store rollout in 12 months – just look at TLS , it has taken over 24 months to get their revamped TLife stores (approx. 100-120) up and about, which would also be less capital intensive compared to APs concept