FRIDAY, March 29, 2024
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MINT takes Thai franchise rights for Bonchon chicken outlets

MINT takes Thai franchise rights for Bonchon chicken outlets

Minor International Plc (MINT) announced on Thursday (March 4) that it had acquired an effective 70-per-cent stake in Spoonful Pte Ltd of Singapore and Spoonful (Thailand) Co Ltd in the total amount of Bt2.48 billion.

Spoonful SG is the master franchise rights holder of Bonchon in Thailand and its Thai affiliate is in charge of the chain’s future expansion here.
MINT has effectively become the operator of Bonchon in Thailand and master franchise licensee with long-term territorial rights and the ability to expand and sub-franchise.
The acquisition amplifies MINT’s belief in the growth potential of the fried-chicken market.
Bonchon will in turn take advantage of MINT’s strengths to execute current and future strategic plans to ensure strong and sustainable returns.
MINT aims to have more than Bonchon 150 restaurants throughout Thailand by the end of 2024.
Given its outlet and delivery platform, there is significant opportunity for store expansion in terms of geography, channel and type of outlet.
Bonchon will be able to utilise MINT’s delivery app and delivery fleet, as well as its centralised sourcing for efficient pricing and assured quality and availability.
Bonchon’s same-store sales remained resilient in the first two months of 2020 despite the Covid-19 situation, supported by its strong delivery sales.
Bonchon’s superior operating metrics to the market, including gross margin and EBITDA margin will allow it to withstand the negative impacts that could potentially arise in this challenging operating environment.
“This latest investment in the master franchise rights of the Bonchon brand in Thailand emphasises our strategy to enhance our portfolio offerings and further strengthen the restaurant business in Thailand,” said Minor Food chief executive Paul Kenny.
“With almost 10 years of presence in the country, Bonchon brings a highly loyal customer base of Thai millennials and Generation Z, which we will further build on.”

 

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