Retail Food Group’s proposed deal to acquire restaurant chain, La Porchetta, has been terminated.

The food franchise operator announced in August its intentions to take over the 70 outlet casual dining chain as well as mobile coffee franchise, Cafe2U, and its 236 outlets; for a combined total of $31 million, however, in an announcement to the Australian Securities Exchange on Thursday RFG said the share purchase agreement (SPA) had been terminated. 

“The SPA was subject to a number of conditions, including satisfactory completion of the company’s due diligence investigations,” said RFG.

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

“Notwithstanding the forgoing, RRG is presenting engaging with the La Porchetta vendors in connection with those matters which have influenced the above outcome, and will keep the market advised of any future developments.”

The coffee wholesaler and owner of food chains Cafe2U, Donut King, Brumby’s Bakery, Pizza Capers Gourmet Kitchen, and Crust Gourmet Pizza, acquired Gloria Jean’s Coffee for $163.5 million in October.