Fast food chain Burger King is set to be sold to Tahua Partners, a retail and hospitality investment company which owns the Starbucks franchise in New Zealand.
It follows the parent companies of Antares Restaurant Group Limited, the operator of Burger King restaurants in New Zealand, being placed in receivership on April 14. The fast food giant's finances were significantly impacted by the COVID-19 lockdown, receivers KordaMentha said at the time.
Calibre Partners (formerly KordaMentha), announced on Tuesday that an agreement has been signed to sell the business. Subject to conditions described as 'standard', Antares Restaurant Group Limited will be bought by Tahua Partners for an undisclosed sum.
The business is to be sold as a going concern and the existing Antares management team will continue to run the company’s operations. Receiver Brendon Gibson said the companies are working towards a settlement date of the end of next week.
Tahua Partners executive director John Elliott, said there are plans to invest in the Burger King New Zealand platform and people.
“Based on the strength of the Burger King brand and the loyalty of our valued team members, supply partners and guests, we see a lot of potential for the brand in New Zealand," Elliott said.
Referring to the announcement as "great news after an unsettling period", Antares Restaurant Group CEO Michelle Alexander said the management team is excited about the long term prospects of Burger King in New Zealand.
At the time of receivership, the chain had 83 restaurants and employed more than 2600 staff. According to a statement from receivers, it now operates 78 restaurants and employs 1800 staff throughout the country.
Upon agreement conditions being met, Tahua Partners said it would take over the business from November 1.