Jollibee Buys 54% Of Burger King Franchise
Jollibee Buys Burger King Franchise - 54%
If you can't kick them, then join them..... err, or in this case -buy them!
After acquiring the majority of stocks on Mang Inasal exactly last year (October 2010), Jollibee Food Corporation had again tried to cement its position on local fast food business after buying fifty four percent of Burger King franchise.
Jollibee Food Corporation (JFC) lead by CEO Tony Tan Caktiong had acquired the majority stake in the company that owns the Burger King franshise here in the Philippines for sixty five point five million pesos, 65.5 million.
BK Titans Incorporated who owns PERF Restaurants Incorporated, the sole franchisee of Burger King in the country sold its 54% control to JFC. BK Titans Inc. was owned by a group of friends led by PLDT chairman Manuel V. Pangilinan, Philippine Basketball Association chairman RIcky Vargas, Tanduay Distillers president Wilson Young, Air 21 president Lito Alvarez and Philippine franchisee of FedEx Bert Lina.
PERF Restaurants Inc. operates 23 Burger King restaurants here in the Philippines which are all located in Metro Manila and generates a revenue of 800 million pesos per annum and is making profit.
Burger King sells hamburgers, french fries and fried chiken on their menu just like Jollibee does, however, the price of these Burger King's product is 30% more expensive than pf Jollibee's. With this, JFC said that their connection with Burger King chains gives them the ooportunity to have their presence on the premium price level of hamburger business on the local market.
Burger King is a franchise and serves Hamburger as their core products. Burger King's uniqueness lies on that their burger pattys were cooked grilled and not fried like most food chains do on our country. This made their hamburgers to taste different and was their edge to the Filipino tastes.
JFC sure is keeping an eye to their competitors, who knows, maybe they will buy their Mang Inasal's competitor - Andoks.
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