Shares in Cooks Global Foods [NZX: CGF], which has the global franchise rights for Esquires Coffee Houses outside of New Zealand, Australia and Canada, jumped 13 percent after the company detailed expansion plans for the coffee chain in the Middle East.
Cooks expects its first Esquires outlets to open in Oman and Qatar within the next six months after signing a master franchise agreement for the countries with Al Barzah Restaurant Management, the Auckland-based company said in a statement.
The agreement adds to Esquires franchise agreements covering 16 stores in the Gulf Cooperation Council countries of Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates, the company said. Cooks says it has commitments for more than 80 Esquires coffee houses across the Arab economic alliance countries, where it sees potential in high levels of disposal income and economic growth.
Shares in Cooks, which are listed on the small cap NZAX market, rose 2 cents to 17 cents as a result of four trades in which 116,000 shares changed hands.
Stuart Deeks, co-founder of Esquires in New Zealand, has been sounding out further growth opportunities for the business in India, Turkey, Romania, Egypt, Singapore, Malaysia, the UK, Ireland and Canada, the company said.
Separately, Cooks said it has bought the Design Environments business which designs interiors for its coffee chains, for an undisclosed sum in cash.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- NBR's Rob Hosking with budget analysis. No lolly scramble but sweeteners aplenty
- Grant Thornton tax partner Murray Brewer with his take on the tax package
- NBR’s Calida Smylie talks to CTU policy head Bill Rosenberg in the Budget 2017 lock up
- OMF Financial’s Nigel Brunel discusses the economic implications of the Budget
- MetroGlass CEO Nigel Rigby on the outlook and market share position
- David Seymour gives Gareth Morgan a serve as the latest political party donations are disclosed
- NBR Radio: best of the week ended May 19, with Grant Walker