ASX-listed QSR brand group, Retail Food Group, has proposed a change of company name to Savora Brands to reflect a new gold standard in its franchise and consumer approach. The new brand proposition comes 18 months after the business settled with the ACCC over breaches of both the Australian Consumer Law and Franchising Code of Conduct.

In a statement, the company said the proposed name change should be seen as a natural part of the company's evolution and reflecting its commitment to positive customer experiences.

"The new name, Savora Brands Limited, symbolises our forward-looking vision and dedication to building on our strong retail brand heritage while pursuing growth and innovation," the company said.

The Board has unanimously recommended shareholders vote in favour of the proposed name change at the company's 2024 Annual General Meeting. A video highlighting the proposed new identity and approach has been shared. The company said it's also held conversations with multiple partners and franchise partner representatives across brands, senior leaders and suppliers.

Retail Food Group Limited is Australia’s largest multi-brand retail food franchise manager, owning iconic brands including Gloria Jean’s, Donut King, Brumby’s Bakery, Beefy’s Pies and Crust Gourmet Pizza. The Company is also a roaster and supplier of coffee products.

Speaking to the ABC's The Business program on Tuesday, RFG's CEO, Matthew Marshall, said the new name was about signalling the company is holding itself to an updated purpose and set of values. RFG was the subject of ACCC proceedings in the Federal Court in 2022 for breaches of the Franchising Code of Conduct and Australian Consumer Law. The case was settled in January 2023 after RFG acknowledged it had engaged in conduct in breach of the ACL, the Code and the CCA, and agreed to make good on the original purchase price and fees paid by several franchisees that purchased stores and waive certain debts. The settlement included make goods for franchisees, plus contact and repayments worth $5 million to franchisees involved in the Michel’s Patisserie franchise system between 1 July 2012 and 30 June 2017. It also contributed $500,000 to the ACCC's costs, and enacted a consumer law and franchising code of conduct compliance program with a particular focus on RFG’s and each brand’s obligations under the ACL and the Code when dealing with franchisees and prospective franchisees.

"The compliance program and our adherence to the ACCC's undertaking is something we take very seriously," Marshall said. But RFG wants to go beyond this, he said.

"When we talk about holding ourselves to a gold standard of operating, we're equally talking about the customer experience we want to generate through our brand. That's about people wanting to come back and buy more from our brands and build loyalty. Such focus entails working with franchise partners on the systems. It's also about taking a data-led, insights-based approach to what it is a customer truly wants. That's about how we convey that through our brands, through our rollout of innovation, in technology, product development and building brand. It's also relevance and a really strong core brand as well," he said.

"What Savora brands represents for us is the ability to come to market with a new purpose, a new set of value statements that underpin what we're going to do, which is do right by our franchisees and right by our customers. I see it as an opportunity to talk differently around a growth agenda while being respectful to our past and building on the heritage of our great brands."