[ad_1]
The owners of the Starbucks franchise in New Zealand will take over Burger King after the fast-food chain’s parent companies went bankrupt earlier this year.
Photo: RNZ / Calvin Samuel
In April, Burger King franchise owners Tango Finance, Tango NZ and Antares NZ, were placed on hold owing more than $ 65 million.
The operating company managing the outlets, Antares Restaurant Group Limited, was not part of that receivership.
The recipients announced today that Tahua Partners, which owned Starbucks, would purchase Antares Restaurant Group.
Caliber Partners receiver Brendon Gibson said a deal was expected by the end of the month.
“This is an excellent result for Burger King’s company, staff, owners, vendors and loyal guests, and we would like to take the opportunity to thank all of those stakeholders for their support during what has been a disturbing last semester”.
“Securing a going concern sale in today’s environment is a testament to the drive and commitment of Antares’ management team and all of its employees,” he said.
Burger King in New Zealand employed more than 1,800 employees in 78 restaurants.
