I’m not sure how excited you guys are about this one, but I can say that being a fast food junky, I’m ecstatic!
In a statement released today, the fast food giant has indicated that they want to enter South Africa within the first half of 2013!
It appears that Cape Town will be host to the first Burger King in South Africa after Patricia de Lille stated the following:
“The City of Cape Town is proud to become the home of the first Burger King outlet in South Africa.
I am grateful that the Burger King Corporation has chosen Cape Town as the base for their flagship project in South Africa.”
The full speech can be read here
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The Press release:
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.