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The business will be sold as a going concern and Antares’ existing management team will continue to direct the operations of the company. Receiver Brendon Gibson said the companies are working toward a settlement date for the end of next week.
Tahua Partners CEO John Elliott said there are plans to invest in the platform and the people of Burger King New Zealand.
“Building on the strength of the Burger King brand and the loyalty of our valued team members, vendor partners and guests, we see great potential for the brand in New Zealand,” said Elliott.
Referring to the announcement as “great news after an unsettling period,” Antares Restaurant Group CEO Michelle Alexander said the management team is excited about Burger King’s long-term prospects in New Zealand.
At the time of bankruptcy, the chain had 83 restaurants and employed more than 2,600 employees. According to a statement from the recipients, it now operates 78 restaurants and employs 1,800 people nationwide.
Once the terms of the deal were met, Tahua Partners said it would take over the business from November 1.
