Sharechat Logo

BurgerFuel flags US entry and five new Australian stores

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. 

 

 

 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER