-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business
Hony Capital targets food outlet expansion starting in UK
    2017-June-29  08:53    Shenzhen Daily

PIZZAEXPRESS owner Hony Capital, one of China’s biggest private equity firms, said it aims to boost its global network of retail food outlets to more than 10,000 over the next decade from about 850 now in a bid to be a top world food and beverages player.

Operating through its Hong Kong catering and retail arm Best Food Holding, Hony Capital will kick off its hospitality expansion by launching one of its Chinese cuisine outlet brands in London by year-end, managing director Bruce Wang said.

“When we were working on the takeover of PizzaExpress in Britain, we struggled to find a nice Chinese restaurant at the time. Given the large Chinese population residing there and lack of authentic Chinese food chains, it’s a huge opportunity for us,” said Wang.

Hong Kong-based Best Food, which currently has over 150 stores on the Chinese mainland, will open new outlets of its Beijing Hehegu fast food chain in London’s business districts with a localized menu that should also be palatable for Western customers, he said.

“If Beijing Hehegu can make a success in the United Kingdom, other Best Food’s Chinese cuisine brands will certainly follow the lead,” Wang said.

Hony Capital’s food and beverages global growth push comes at a time when the restaurant industry is seeing intense competition that has hurt sales at giants such as McDonald’s Corp.

Wang did not comment on the investment needed for Hony Capital’s growth plan or how it will be financed but said funding won’t be a hurdle to its ambitions.

Hony, which has US$10 billion under management and is backed by Legend Holdings Corp. — parent of personal computer maker Lenovo Group — bought PizzaExpress for about 900 million pounds (US$1.1 billion) in 2014.

It plans to boost the British restaurant’s numbers on the Chinese mainland to more than 200 by 2021 from the current 35, Wang said.

He added Best Food hoped to leverage PizzaExpress’s distribution network and client base in Britain, where it has nearly 500 restaurants.

Wang said Best Food will try to source more than 50 percent of its ingredients locally and continue to team up with large Chinese suppliers to ensure food safety.

Hony’s founder John Zhao said in February that the private equity firm would continue to scout for acquisition targets abroad — including in the United States — to further its expansion. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn