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The humble wonton noodle will be part of a million dollar deal, with restaurant giant Jumbo Group looking to buy up the stall from street noodle vendor Kok Kee Wanton and bring it to the island and abroad.
If the proposed $ 2.1 million acquisition goes through, the group will take a 75 percent stake in the 35-year position. The remaining 25% will be held by Kok Kee’s second-generation owner, Shirley Leong.
Upon completion of the sale, Kok Kee will become an indirect subsidiary of the Jumbo Group, which will have the exclusive rights to develop a franchise system for Kok Kee in Singapore and abroad.
Kok Kee, known for its stretch noodles and lard-based chili sauce, started in 1985 in the now-defunct Lavender Food Square, before moving to the Hoa Nam building in Jalan Besar. After a three-year shutdown, it returned last year to its current location at the Bistro 8 cafe on Foch Road.
Ang Kiam Meng, CEO and CEO of Jumbo Group, said having street vendor concepts like Kok Kee will help diversify the group’s revenue streams, away from its dominant full-service restaurants.
“We are very excited about the prospects for Kok Kee as it mainly caters to the local mass market, well suited for fast food or take away. We look forward to introducing more such concepts if opportunities arise.”
Brands under Jumbo include the flagship Jumbo Seafood, Ng Ah Sio Bak Kut Teh, and Zui Yu Xuan Teochew Cuisine. On December 3, the group will launch the virtual brand Hack It, which specializes in the delivery of seafood.
In a separate report, the group also announced a net loss of approximately $ 8.2 million for the financial year ended September 30.
Ang, a fan of street food, added: “I strongly believe that Singapore has a unique food culture that must be preserved and propagated.
[[nid:333757]]“In recent years, more street vendors from pioneer generations are closing due to old age and a lack of successors. This proposed acquisition is not only strategic to the group’s business goals, but also enables Jumbo to play our role as a retail company. Singapore to preserve and promote our Singaporean Heritage Flavors and Dishes. “
In an email response to The Sunday Times via Jumbo Group, Ms Leong said: “I am very happy and honored to be working with one of the largest food and beverage groups in Singapore, which appreciates our wonton mee, a simple traditional dish, which I have grown up and fell in love with. More importantly, they want to preserve it as much as I do.
“Age is catching up with our pioneering team and with my own limited resources, it will be an uphill task for me to manage and expand the business.”
After the acquisition, he will stay on to ensure a smooth transition and oversee the transfer of operational knowledge to the Jumbo team, and “hopefully expand our network in Singapore.”
Another recent acquisition is the BreadTalk Group deal, for an undisclosed sum, with the street vendors behind First Street Teochew Fish Soup on Upper Serangoon Road. The 32-year-old brand is known for its signature broth simmered with chicken, pork and fish bones for at least four hours.
Previous high-profile acquisitions include Kay Lee Roast Meat Joint on Upper Paya Lebar Road, sold to conglomerate Aztech Group for $ 4 million in 2014.
Two years later, Hersing Culinary invested $ 1 million in its partnership with the Michelin-starred street vendor Chan Hon Meng of Liao Fan Hong Kong Soya Sauce Chicken Rice & Noodle at the Chinatown Complex Food Center, to establish the first service restaurant fast Hawker Chan. on Smith Street.
This article was first published in The times of the strait. Permission is required for reproduction
