After a number of parties attempted to rescue Doughnut Time, Gold Coast health and fitness entrepreneur Peter Andros has purchased the company from liquidators for an undisclosed amount.
As previously reported, former Doughnut Time CEO and MD Dan Strachotta attempted to buy the company from founder Damian Griffiths, however the sale fell through after Griffiths refused to sign over the trademark.
Andros says his unnamed Australian and US partners saw an opportunity to “save a great brand”.
According to the Courier Mail, Andros has plans to open five stores. The first will open on 1 August in Burleigh Heads, with the other four locations opening later in the year.
Andros has also confirmed the relaunch is completely independent from Doughnut Time’s original management team.
“It’s no secret that the previous owners expanded too quickly,” he says. “Our team plans to adopt a ‘start small’ approach to operations.”
But expect to see a change when it comes to the brand’s signature calorie-laden doughnuts. Andros has a background in fitness and health, and will be expanding the menu to include healthier alternatives including vegan, gluten-free and low-sugar options.
“We strongly believe in the Doughnut Time brand and its value in the Australian marketplace,” says Andros.
“Doughnut Time products are iconic, fun and we look forward to bringing them back better than ever before.”
Image credit: Courier Mail