How much better does it get when you hungover after a massive concert and the first thing that pops up in your news feed is the news that Burger King will be arriving in South Africa in the early stages of 2013? Nothing.
This is possibly the greatest news EVER! I cannot wait to smash a Burger King burger or three on the day they launch, don’t judge me!
JOHANNESBURG – Burger King plans to enter SA via a joint venture with Grand Parade Investments’ Utish Investments.
It is dependent on the approval of the Reserve Bank with certain subsidiaries of Burger King Worldwide, Inc.
The JV will be called Burger King South Africa (BKSA). In terms of the JV, “BKSA will hold the master franchise for the Republic of South Africa and have exclusive rights to develop and expand the BURGER KING® brand in this country. BKSA plans to open the first BURGER KING® restaurant in the first half of 2013”, a Sens statement said.
Grand Parade said the JV is in line with its strategy of entering the quick service restaurant market where it is able to capitalise on its experience in the management of outlet driven businesses such as its limited payout machine business.
GPI will have a majority shareholding in the JV, which will be funded from existing cash resources and new debt.
Source: Moneyweb (click here)