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Manila Bulletin devider Business devider The Stock Market devider Jollibee gives up PHO24 franchise, assets

Jollibee gives up PHO24 franchise, assets

Published May 11, 2023 07:01 am
Jollibee Foods Corporation (JFC), one of the largest Asian food service companies, has given up the Philippine franchise for PHO24 as well as its share of the assets in favor of its Vietnamese joint venture partner. In a disclosure to the Philippine Stock Exchange, Jollibee said SuperFoods Group, which owns Highlands Coffee and PHO24, signed agreements to transfer the assets of the PHO24 business to East-West Restaurant Concepts. PHO24’s operating assets shall be transferred from SuperFoods Group East-West, which is a wholly-owned subsidiary of Viet Thai International Joint Stock Company (VTI). VTI is the partner of JFC’s wholly owned subsidiary, JSF Investments Pte. Ltd. (JSF) in the SuperFoods Group. PHO24 operates 14 company-owned stores as well asa pho factory (owned) in Vietnam. The franchise agreement for the operation of PHO24 stores in the Philippines was also terminated. In early 2021, The Jollibee Group said it was planning to open total of 100 PHO 24 stores in the country after starting the business in 2018. “The JFC Group will concentrate its resources in building and growing its new businesses: Tim Ho Wan, Yoshinoya and Milksha,” said Jollibee. The JFC Group has a joint venture agreement with the Tim Ho Wan Group to open and operate Tim Ho Wan restaurants in Mainland China. It opened its first Michelin-starred Tim Ho Wan restaurant in Shanghai’s Changning District in September 2020. Tim Ho Wan is targeting to open 100 restaurants within the next few years in China, which remains one of the JFC Group’s four pillar markets. It currently has 16 stores in Shanghai and 2 in Beijing. In October 2021, the JFC Group completed its 50-50 joint venture with Yoshinoya International Philippines with a plan to open 50 stores in the Philippines in the long-term. Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands globally. The joint venture, Yoshinoya Jollibee Foods, Inc. is the franchisee of Yoshinoya in the Philippines. It has 7 stores in the country. In February 2022, the JFC Group, through its wholly owned subsidiary, Jollibee Worldwide Pte. Ltd. (JWPL) completed the acquisition of 51 percent stake in Milkshop International Co. Ltd. (Milkshop). Milkshop owns Milksha, a popular Taiwanese bubble tea brand with 283 outlets in Taiwan (260), Hong Kong (11), Australia (3), Canada (1), Singapore (7) and United Kingdom (1). The JFC Group, together with Milkshop’s Founder, plans to grow the Milksha brand globally. “JFC will continue to drive strong sustainable profitable growth of these new businesses, along with its other businesses in the years ahead,” the firm said.
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