Retail Food Group (RFG) has announced it will no longer acquire Italian restaurant franchise, La Porchetta.

At the end of August the company entered into a Share Purchase Agreement (SPA) which would see it acquire the 70 outlet-strong chain. 

According to a statement on the RFG website: “The SPA was subject to a number of conditions, including satisfactory completion of the Company’s due diligence investigations.

“RFG advises that the foregoing condition has not been satisfied, and as a consequence, the SPA has been terminated.”

The company, which owns a series of other franchised brands including Michel’s Patisserie, Crust Gourmet Pizza and Brumby’s, said it is currently engaging with the La Porchetta vendors in connection with the matters that have influenced the termination. 

RFG has sought to expand its portfolio through the acquisition of a number of franchised brands this year – it most recently announced it would purchase coffee chain, Gloria Jean’s. 

Image: La Porchetta