Bank of Queensland chief executive Patrick Allaway has promised to get a $125 million company takeover of its franchised branches done on-time and within budget, deflecting the protests of his franchisees who accused the bank of undervaluing their businesses.

Fifty-nine of the 114 branches slated for takeover have accused the lender of breaching the franchising code of conduct and enforcing unfair contract terms in a letter sent to BoQ’s board on Tuesday. The letter, from law firm Morris Mennilli on behalf of the franchisees, seeks a response within 21 days.