[SINGAPORE] Catalist-listed ST Group Food plans to liquidate its indirect subsidiary in the UK, GCTea Outlets 2B, which operates a food and beverage outlet under the Gong Cha brand in the country.
This comes amid the Australian-headquartered company’s plans to exit from the Gong Cha brand in the UK, as the unit has been loss-making and is in a net liabilities position as at end-December 2024.
“It has been determined that it is no longer viable for GCTea Outlets 2B to continue its business due to amongst others, (its) liabilities… and the challenging economic situation in the UK,” the food and beverage company said on Wednesday (Jul 23).
While the liquidation will result in some losses on a pro-forma basis, it will likely have a…