Australia's Pie Face opens here in April
BUSINESSDESK: Sydney-based fast food bakery chain Pie Face has signed a memorandum of understanding with South Island Subway owners Jared Palmer and Julian Field to open at least 62 stores in New Zealand over the 10 years.
The gourmet savoury and sweet pie maker, which has 76 sites in Australia and opened its first of eight Manhattan stores last month, will open an Auckland store in April.
Messrs Palmer and Field paid an undisclosed up-front fee to Pie Face and will pay a share of royalties, trading profit and marketing levies in perpetuity.
"We are like-minded in our hands-on approach to operations and see a bright future for our brand in the NZ market," Pie Face co-founder Wayne Homschek says.
Products will initially be imported from Pie Face Australia and then produced under the local New Zealand license.
Steve Wynn, chief executive of US hotel resorts business Wynn Resorts, took a $US15 million stake in the sweet and savoury goods maker's US business this year.