Burger King to heighten competition in Nigeria’s fast-food sector with inaugural entry by Q4

NIGERIA – World’s second-largest fast-food hamburger chain Burger King is set to open its first outlet in Nigeria by the fourth quarter of 2021. This was revealed by Antoine Zammarieh, Managing Director of Allied Food & Confectionery Services Limited in a LinkedIn post, after signing a development agreement with Burger King for the Nigerian market. “I believe this would be a tremendous step towards giving more confidence into the Nigerian market and consumers in general, especially during these hard times. I always believed in Nigeria and in its people. “As…

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Burger King taps industry veteran Tom Curtis for Chief Operating Officer role

US –  World’s second-largest fast-food hamburger chain Burger King has appointed industry veteran Tom Curtis as the new Chief Operating Officer (COO) of Burger King Americas. Curtis joins Burger King’s leadership team from Domino’s and will oversee field operations, restaurant development, and restaurant operations. According to a statement from the restaurant chain, Mr. Curtis has an impressive wealth of experience in the industry having worked at Domino’s for over 35 years. By the time of leaving Domino’s Curtis was the Executive Vice President, U.S. Operations and Support, overseeing both franchised…

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Burger King India reports 28% decline in Q3 revenues as US unit launches loyalty program

INDIA – A few months after its listing at the BSE, fast food chain restaurant Burger King India has given its first quarterly earnings announcement, reporting a profit dip and a rise in losses. According to the results, Burger King’s net revenues for third quarter of 2020 plunged 28% to Rs 163.19 crore (about US$22.38 million) even as losses rose to Rs 29.02 crore for the quarter ended December from the Rs 21.72 crore in the previous quarter. The company’s same-store sales, a key metric in judging the revenue performance…

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Burger King makes brand identity changes for the first time in 20 years

US – World’s second largest fast food hamburger chain, Burger King has unveiled a new visual brand identity, marking the first complete rebrand in over 20 years. Dialing up taste and quality through design, every design element in the new visual brand was intentionally reimagined to better reflect the new Burger King food journey.  The design principles according to Burger King, capture the unique characteristics of the Burger King brand: Mouthwatering, Big & Bold, Playfully Irreverent and Proudly True. Commenting on the new logo, the fast food chain explains that…

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The un-ending tale of Grand Parade’s disposal of Burger King

SOUTH AFRICA – Grand Parade Investments (GPI), the master franchise holder for Burger King in South Africa is urgently negotiating the sale of Burger King SA after Covid-19 devalued it by about R100m (US$6.8m). This follows after GPI has encountered another snag in its almost year-long effort to dispose of the food service business. The Cape Town-based investment holding company, which has minority stakes in Sunwest International casino and restaurant chain Spur, said in a Sens statement that the offer it had received to offload majority shares it holds in…

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Companies that attracted major investments in 2020

GLOBAL – Amid a turbulent global picture due to the Covid-19 pandemic, companies with promising ideas have continued to attract big investments in 2020. Some raised their huge ticket funding’s from private equity and institutional investors while others tapped into the stock market to raise funds. Food Business Africa takes a look back at some of 2020’s major funding stories that sent shock waves in the food industry. Impossible Foods receives US$500m in Series F funding round As the plant-based market has boomed, the meat alternatives sector has attracted the…

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Burger King plans massive expansion in India, to open 700 restaurants before 2026

INDIA – Burger King India Ltd has announced plans to open around 700 restaurants, including company outlets and sub franchise entities, by 31 December, 2026. If successful, the expansion will be a great leap for a company which currently operates 268 stores in the country. A huge chunk of the funds needed to support the fast-food restaurant chain’s ambitious expansion plans will be sourced from Burger King’s recently concluded IPO. The IPO which concluded in early December this year saw the Burger Kind India raise over US$110 million. According to…

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Covid-19 shaves off about US$6m from Burger King SA sale deal by Grand Parade

SOUTH AFRICA – Grand Parade Investments (GPI), the master franchise holder for Burger King in South Africa has announced the renegotiation of its terms of sale for its interest in Burger King South Africa (BKSA) and Grand Foods Meat Plant (GFMP) to private equity group, Emerging Capital Partners (ECP). Under the revised offer, the enterprise value for the transactions has fallen to R593 million (US$35.3m), split into R570 million (US$33.9m) for Burger King SA and R23 million (US$1.3m) for Grand Foods Meat Plant, reports Fin 24. This represents a 15%…

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COVID-19 pandemic causes a setback on Grand Parade disposal of Burger King

SOUTH AFRICA – Grand Parade Investments, which recently announced the sale of its SA Burger King licence, has revealed that the terms of the sale of the food franchise was being renegotiated due to the COVID-19 pandemic. In a shareholder statement the group stated, “as a result of the Covid-19 pandemic, the parties are renegotiating the terms and conditions of the disposal,” and that shareholders will be updated if renegotiations are successful without going into further detail. Prior to the nationwide lockdown, Burger King reported a challenging operating environment, but…

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Grand Parade Investments reports revenue growth despite divesting from food business

SOUTH AFRICA – Grand Parade Investments, which recently announced the sale of its SA Burger King licence has attributed the exit from its restaurant interests to reducing its debt and improving profits in its half year to end-December. GPI has reported a revenue growth of 19% to R844.4 million (US$47.8m) with the group’s gross profit increasing by 21% to R405.1 million (US$22.9m). Burger King had in prior years counting mounting losses. However, the food and gaming company’s results for the six months ended 31 December 2019 showed improved results for…

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