Monday 20th October 2014
|Text too small?|
BurgerFuel Worldwide, the NZAX-listed fast food chain franchisor, is opening five new Australian stores and expects to announce the timing of its US expansion soon.
The Auckland-based company will sign agreements for five franchise restaurants in Sydney, Brisbane and the Gold Coast before the end of March 2015, adding to two in Sydney, it said in a statement.
"Although our biggest project is the upcoming expansion into the US, our Australasian team is focusing heavily on the Australian market, where we see lots of opportunity for BurgerFuel," chief executive Josef Roberts said.
Last month the burger chain announced plans to bring franchise stores in-house to boost profit, and said it had bought an outlet in Henderson, Auckland, for an undisclosed sum. It is targeting at least a 20 percent return on investment from company-owned stores, and is considering opening its own restaurants in New Zealand, before taking the format overseas.
At the start of this year, BurgerFuel raised $5.9 million from US investor Franchise Brands to help fund its global growth aspirations, including plans to reach into the world’s biggest economy.
Shares of BurgerFuel were unchanged at $2.85 and have soared 78 percent since the start of the year.
No comments yet
NZ dollar mixed, buffeted by Fed talk and downunder data
Super Fund can expect lower returns over next decade - review
ANALYSIS: Should penalties for continuous disclosure breaches be relaxed?
Fletcher seeks urgent talks on Ihumatao stalemate
NZ economy grows 0.5% in June quarter, beating expectations
Restaurant Brands lifts 2Q sales; appetite for KFC offsets ditched Starbucks
Auckland jet fuel arrangements a potential barrier to new entrants
NZ dollar weaker after Fed split on outlook for further US cuts
Leading judge says court administration model 'outdated'
MARKET CLOSE: NZ shares fall; Goodman placement sees property stocks sold