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Pie Face Enters New Zealand Market

Pie Face Enters New Zealand Market

Pie Face today entered into a memorandum of understanding with New Zealand partners to roll out at least 62 stores over the next 10 years across the North and South Island.

The local partners Julian Field and Jared Palmer have a combined 17 years of QSR experience, Julian having been a multi-unit owner with Subway NZ for the past 15 years in the South Island.

Pie Face has granted an exclusive license to operate the Pie Face business in NZ and will initially establish a training store in Auckland, followed by an initial roll out in Auckland. The first store is expected to open by April 2013. Initially product will be imported from Pie Face in Australia, but the NZ franchise have the option to produce locally under license in New Zealand. The local partners will pay an undisclosed up-front fee to Pie Face, and will pay a share of royalties, trading profits and marketing levies in perpetuity.

In commenting on the partnership, Wayne Homschek, Co-Founder and CEO of Pie Face said: "We are excited to be in business with Julian and Jared in New Zealand, given their depth of experience in building, operating and franchising QSR stores in New Zealand. We are like minded in our hands on approach to operations and see a bright future for our brand in the NZ market."

This marks the first master license arrangement for Pie Face. Pie Face was founded in 2003 in Bondi Sydney and now operates 76 stores across Australia, mostly franchised. Pie Face recently entered the US market with a first store in Manhattan New York next to the iconic David Letterman (Late Show) theatre, with a 7 further stores under development. In addition successful hospitality entrepreneur Steve Wynn recently made a corner stone $15MM investment in the US business.

ENDS

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