In international franchise news, Burger King Worldwide has announced that it has entered into a joint venture agreement with Grand Parade Investments (GPI) to aggressively expand the Burger King Brand presence in the high-growth emerging market.
GPI plans to create 5 000 direct and indirect employment opportunities through the venture, says Alisha Almeida, GPI’s chief operating officer says, although the number of outlets and the capital outlay for one has not been disclosed.
Capital partners with industry know-how
The joint venture allows for rapid expansion in South Africa by combining Burger King Worldwide’s industry know-how and success, with GPI’s financial resources and exclusive rights to the Brand. “GPI is perfectly positioned and ready to enter the quick service restaurant market with a significant number of restaurants planned over the next few years,” says Hassen Adams, chairman of GPI. “Our experience and successful track record in our outlet driven business will add substantial value to the newly acquired Burger King master franchise rights,” he continues.