New Zealand retail and hospitality investment company Tahua Partners has signed an agreement to acquire Antares Restaurant Group Limited (Antares), trading as Burger King New Zealand.
Subject to satisfying standard conditions, Tahua Partners, who also own the Starbucks franchise in New Zealand, will take over the business from 1 November 2020 with the existing Antares management team continuing to run the company’s operations. The details of the transaction, including the purchase price, have not been disclosed.
Burger King is the third largest quick service restaurant (QSR) chain in New Zealand, with 78 restaurants nationwide employing 1,800 staff. The parent group of companies that owns Antares was placed into receivership on 14 April 2020. The operating company, Antares, has continued to trade while a sale process was undertaken.
Tahua Executive Director John Elliott said the company plans to invest in the Burger King New Zealand platform and people.
“Tahua is a New Zealand owned and operated company of experienced retailers who are passionate about creating great hospitality businesses with major brands.
“Based on the strength of the Burger King brand and the loyalty of our valued team members, supply partners and guests, we see a lot of potential for the brand in New Zealand.
“Our local industry experience means we are uniquely positioned to help the business achieve its full potential in the New Zealand market, and to ensure it’s a high-performing hospitality business delivering for its guests.”
Antares CEO Michelle Alexander said it was fantastic news and was looking forward to a new owner that understands the business and industry and who is committed to investing in the long-term future of the Burger King brand in New Zealand.
“This announcement is great news after an unsettling period. The Antares management team is excited for the long-term prospects of the Burger King brand in New Zealand under Tahua’s ownership as we continue to provide the best outcomes for the business, our loyal employees and supply partners, and our valued guests.”
Burger King is the second global brand Tahua is expected to add to its New Zealand owned and operated hospitality and retail group after it acquired the New Zealand license to operate Starbucks in 2018.