The last-minute deal offered yesterday by investment firm Tozer & Co to save chocolate store and cafe chain Max Brenner has fallen through.

According to liquidators BDO, the deal – which would have seen Tozer & Co take over the licence for the company’s Australian standing and keep the franchise’s 37 stores open – will no longer go ahead.

BDO’s Andrew Sallway told Broadsheet that transaction has not been entered into by the Liquidators at this time but, “We will continue to trade the Company whilst we explore options with the licensor, Max Brenner Industries Ltd, regarding the Max Brenner brand in Australia. Today it is business as usual.”

BDO was appointed as liquidator to Max Brenner on Wednesday after administrators found the chain owes more than $33 million to creditors, $5 million to its existing staff and those made redundant during administration, as well as more than $4 million in GST and superannuation.

The stores will continue running as usual today.