K.L.E. Group Limited (KLE) has advised that the Board and Management of KLE have been reviewing the strategic position of the company and its subsidiary with a view to improving the prospects for long-term solid financial performance and expansion into the business of restaurant franchising.
KLE advised that based on the review, they determined that exit from the night club side of business was appropriate so as to relieve its demand on the company’s working capital and other resources which are neded to focus on the restaurant and franchising business. Aa such, a decision was made to sell the assets used in the operations of the Famous Night Club. KLE still owns the trademarks associated with the brand.
Additionally, in the first quarter of 2016 KLE consummated a sale of 51% of T & R Restaurant Systems Limited, trading as FranJam, to Joseph Bogdanovich. KLE says the deal provides then with an important strategic partnership and well-needed low cost working capital to position the company and help it to capitalize on international franchising opportunities. KLE, as a 49% shareholder, will continue to be integrally involved in the management and governance of FranJam.