Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

BOQ in court with franchisees

Staff Reporter 3 minute read

The Bank of Queensland (BOQ) is facing legal action from its New South Wales franchise network as it looks to close down underperforming branches.

At least six former franchisees are taking legal action against the bank, while another three are currently in talks with lawyers, and up to ten more are considering their options, The Australian Financial Review reported today.

The news comes after the bank signalled a reduction in branch numbers from 56 to 45 at its 2009 half yearly results with BOQ chief David Liddy blaming the weak NSW economy and poor selection and performance of some branch owner-managers.

But some franchisees have argued the bank’s model was flawed.

Advertisement
Advertisement

“We had an excellent position surrounded by lots of new homes and businesses,” former joint franchisee of the Kellyville branch in Sydney’s west Darren Scott said.

“But the brand had no traction its credit policy was uncompetitive and as our debt got bigger the pressure grew worse.”

 

BOQ in court with franchisees
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
Renee blethyn NextGen.Net appoints head of broker

NextGen.Net has appointed its inaugural national head of broker ...

BBS Summit 2021 ta Better Business Summit and Awards Sydney postponed

Due to the ongoing COVID-19 resurgence in Sydney, the NSW leg of ...

Andrew Moulds Darren Smith ta Lend adds FleetPartners to platform

Lend has integrated vehicle fleet leasing and fleet management pr...