Shell Sells Stake In Burger King
5 July 2002
Shell New Zealand has sold its 50% shareholding in the Burger King New Zealand franchise for an undisclosed sum, Shell's Retail Manager Bruce Emson announced today.
Shell has been a 50% shareholder in Burger King since 1996. The remaining shares were held by four investors - Dennis Jones, Mark Backhaus, Graeme Plum and James Barger.
The Burger King franchise for New Zealand will now be owned by entrepreneur Dennis Jones and his associates.
"While Shell has decided to sell its shareholding in Burger King it will retain an important association with the fast food restaurant chain through some joint Shell service station and Burger King restaurant facilities.
"Shell has taken this decision to divest its shareholding in Burger King, because it is no longer considered core business for Shell in New Zealand. However, the investment has been a successful one both for Shell, and for Burger King.
"We are confident that Burger King will continue to go from strength to strength in New Zealand," Mr Emson said.
Shell's exit from shareholding in the Burger King franchise in New Zealand follows a very strong period of growth in the BK Brand over recent years, said Dennis Jones.
"The combined energies of our two organizations now positions Burger King as one of the most popular fast service restaurants in New Zealand.
"The new ownership structure will see a continuation of our commitment to outstanding customer service, the great taste of flame grilling, and the Whopper.
"Our customers tell us how important taste is to them now and we are therefore very confident about our plans for further development of the BK brand, our restaurant presence in New Zealand, and creating more jobs for Kiwi's," Mr Jones said.