Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Burgerfuel Inks Big American Deal

BURGERFUEL INKS BIG AMERICAN DEAL
BURGERFUEL WORLDWIDE PRESS RELEASE
Wednesday 26th February, 2014

BurgerFuel Worldwide (BFW) shareholders have voted with a resounding yes to the ratifi cation of the agreement between BurgerFuel Worldwide (BFW) and American company Franchise Brands, LLC (FB).

Voting occurred at the BFW Extraordinary General Meeting today, attended by a strong representation of its shareholders.

The initial announcement of the deal in January 2014 saw BFW shares more than double in the days following.

FB will join BFW as shareholder and franchise advisor.

FB was created in 2005 with the support and guidance of the founders of SUBWAY® restaurants, Fred DeLuca and Dr.

Peter Buck, in order to invest in and off er guidance to small and mid-market companies with experienced management that are seeking to expand their businesses.

SUBWAY® restaurants is the largest single brand restaurant chain in the world with over 40,000 franchised stores in more than 100 countries.

FB will collaborate with BFW to help grow the business by providing knowledge and support as well as global development opportunities, including in the United States where BurgerFuel plans to open restaurants.

FB will take an initial 10% stake in BFW with an option to increase its holding up to 50% over 8 years.

BFW Chairman Peter Brook said: “Clearly our shareholders can see the merits of such a large global relationship.

The Franchise Brands deal is an incredible milestone that will provide valuable links to existing Subway franchisees who are looking to extend their portfolios.

This will drive significant value for

BFW, as has been evidenced in the share price of late”.

BFW Group CEO Josef Roberts commented: “A deal like this takes a considerable amount of time, energy and resource to get over the line and we’re thrilled that as of today our management team can once again focus on opening restaurants and delivering more growth and value to our shareholders.

We’re looking forward to working closely with the Franchise Brands team to maximise the Subway opportunity”.

BurgerFuel Founding Director Chris Mason added: “The approval of the deal today by our shareholders supports our original vision to take New Zealand’s built fresh, gourmet burgers to the world.

Now that we’re well established in the Middle East I’m excited to get to work on opening our first stores in the USA”.

BurgerFuel Worldwide (BFW) is publicly listed on the NZ Stock Exchange as a NZAX company and has been listed since 2007.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news