Nick Yates

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Nick Yates
NationalityAustralian
Known forVending entrepreneur, Generation NEXT Franchise Brands
Websitegennextbrands.com/about-nick-yates/

Official Website

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Nick Yates is an Australian vending entrepreneur and businessman who is currently living and doing business in the United States. Yates grew up in Sydney, Australia and attended the University of Technology Sydney, earning degrees in both Business and Marketing.

Yates is best known for his role in introducing Generation NEXT Franchise Brands, a vending machine franchise specialising in organic and healthy alternatives to traditional vending machine fare.

Yates was the chairman of Generation NEXT Franchise Brands, a San Diego-based franchisor whose franchises include Reis & Irvy's,[1] 19 Degrees Frozen Yogurt, and Generation NEXT Vending Robots Inc.[2][3][4] Nick Yates' Reis & Irvy's frozen yogurt vending machines accept cryptocurrency.[5]

Business history[edit]

In 2001, Yates was involved with a prepaid phone card franchise business called Global Pre Paid in Australia. That business was sanctioned by an Australian regulatory body for business malpractice and fraud. The official government report states:

The conduct began in 2001 when Global Pre Paid began advertising phone card vending machine franchises and exclusive distributorships for various machine locations.  The initial sets of vending machines were second-hand, having been used at the Sydney Olympics.

Global Pre Paid and In-Touch also advertised for exclusive distributors of 'GSM Global easyRoam' cards, claiming that phone card users could call anywhere in the world for the price of a local call and could 'roam' on various telephone networks when using the cards overseas.

The advertisements represented that distributors of cards and purchasers of machines could earn huge profits, up to "$1,500,000 per year".  Card and machine purchasers contacted the ACCC after investing between $15,400 and $260,000 and finding that they could make little or no money from the businesses; that the vending machines and phone cards were faulty; and that the franchisor did not provide suitable locations for the machines.

Justice Gyles found that Nick Yates: "authorised the initial representations made by advertisements in each case and knew that there was then no proper or reasonable basis for those representations.  He could not have believed them to be true.  Further he very quickly became actually aware of all of the serious deficiencies that occurred in relation to the successful operation of each of the Vending Machines and the Swisscom cards and of all the difficulties and deficiencies complained of by the distributors in relation to the conduct of the distributorships".

The court declared that Global Pre Paid, In-Touch and the five named individuals contravened section 52 of the Trade Practices Act 1974 and ordered:

- A range of injunctions to prevent the respondents engaging in unlawful conduct in future

- A total of $3,538,243.94 in compensation to be paid to 23 small businesses

- That the respondents pay the ACCC's costs.[6]

On February 8, 2010, Mr. Yates formed a healthy vending machine franchise called Fresh Healthy Vending in San Diego, CA.  Fresh Healthy Vending failed to disclose Mr. Yates’s litigation and bankruptcy history in its franchise disclosure documents. As a result, the California Department of Business Oversight revoked Fresh Healthy Vending's ability to sell franchises in California and then ordered the company to offer rescissions to franchisees in that state.[7] Fresh Healthy Vending declared bankruptcy on September 27, 2018.[8]

On December 15, 2019, Yates’s latest business, Generation Next Franchise Brands (a purveyor of robotic frozen yogurt kiosks) declared bankruptcy.[9]

References[edit]

  1. ^ "Reis & Irvy's robotic frozen yogurt machine to be released in April". Digital Trends. 30 March 2018. Retrieved 3 April 2018.
  2. ^ "Fresh Healthy Vending International, Inc. (VEND) -OTC BB". Yahoo!. Retrieved 20 February 2014.
  3. ^ "Healthy Vending launched first dedicated online portal by to offer only healthy snacks and drinks". The Age. 1. 13 June 2004.CS1 maint: location (link)
  4. ^ Kate Taylor (26 September 2013). "High-Tech Vending Machines That Serve Healthy Snacks See Rapid Growth Two franchises are seeing rapid growth by offering consumers convenient and nutritious snacks in high-tech vending machines". NBC News. Entrepreneur. Retrieved 20 February 2014.
  5. ^ "The Crypto of Frozen Yogurt: Reis and Irvy's Bold Bet". www.blockchainbeach.com. Retrieved 3 April 2018.
  6. ^ "Australian Competition and Consumer Commission". * CC-BY icon.svg This article contains quotations from this source, which is available under the Creative Commons Attribution 3.0 Australia (CC BY 3.0 Australia) license.
  7. ^ "California Department of Business Oversight" (PDF).
  8. ^ "California Assignment for the Benefit of Creditors".
  9. ^ "Generation Next Bankruptcy Petition".

External links[edit]