Bangkok--28 Oct--Minor International
Minor International’s (MINT) wholly owned restaurant company, the Minor Food Group, reached a significant milestone last month when it opened its 1000th restaurant. Through a diversified plan to expand by simultaneously investing to build company owned restaurants, partner with franchisees and acquire other successful restaurant companies, the Minor Food Group (MFG) has expanded its worldwide system of restaurant outlets by 21% per year from 558 in 2005 to more than 1,000 outlets today. During this period, MFG’s revenues have increased by approx. 17% to more than Baht 8.0 billion per year.
MFG’s business in Thailand, where it holds more than a 30% share of the market for western fast food, continues to perform well despite low levels of consumer confidence and political uncertainty. For the first nine months of 2008, MFG’s core brands including the Pizza Company, Swensen’s, Sizzler, Dairy Queen and Burger King have combined to achieve a 12% increase in total sales with a 5% growth in same store sales. MFG business in Thailand is expected to continue to grow on the strengths of its strong portfolio of restaurant brands and support the Company’s plans to expand internationally.
MFG’s acquisitions of The Coffee Club and Thai Express have performed significantly better than expectations and they are expected to boost MINT’s overall earnings in 2008. The Coffee Club, which is one of Australia’s largest and fastest growing restaurant franchisors, was acquired in January and recently was awarded Restaurant Franchisor of the Year by the Franchise Council of Australia. Today, the Coffee Club more than 200 restaurant outlets and systemwide sales of more than A$ 200 million per year. Thai Express, which was acquired in May, has also performed well with more than 40 company owned outlets in Singapore expected to achieve after tax earnings greater than S$ 9.0 million in 2008. With the success of these recent acquisitions, MFG continues to pursue other acquisition opportunities and is, at the moment, particularly focused on targets in China where it sees significant potential.
MFG’s efforts to expand by franchising its restaurant brands, particularly the Pizza Company and Swensen’s brands, continues to succeed in Thailand and internationally. In Thailand, MFG’s system of franchised Pizza Company and Swensen’s restaurant outlets has increased from 90 to 131 outlets over the past 12 months. MFG’s franchisees were recently able to share their passion for expanding the Pizza Company and Swensen’s brands at its 3rd annual conference for its franchisees in Chiang Mai. International franchising also continues to perform well with franchised Coffee Club, Pizza Company and Swensen’s outlets expanding from 197 to 225 over the past 12 months. In China, where MFG currently owns and operates 15 Pizza Company and 6 Sizzler outlets, MFG has already signed two franchisees and is currently in advanced discussions with three other potential franchisees. As MFG endeavors to expand to other cities in China through franchising, MFG’s expects that franchised outlets will exceed the company owned outlets in China within the next three years.
About Minor International
Minor International (MINT) is Thailand’s largest food service operator with more than 1000 outlets
system wide under The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, Thai Express and the Coffee Club brands. MINT is also a hotel owner, operator and investor with a portfolio of 29 hotels under the Anantara, Marriott, Four Seasons, and Minor International brands in Thailand, the Maldives, Vietnam, Africa, the Middle East and Indonesia. It is also one of the largest spa operators in the Asia Pacific region with more than 29 spas in Thailand, China, the Middle East, Turkey and India under the Mandara and Anantara brands. In January 2007, MINT was recognized by Asia Money magazine as Thailand’s Best Managed Small Cap Company for financial and business performance, management strategy and vision, and shareholder value creation. For more information, please visit www.minornet.com
Press Contacts: Pratana Manomaiphiboon / Prapharat Tangkawattana at Tel: (662) 381-5151