QSR stores based in Asia and Australia will move into each other’s territories under a new joint venture announced by the Global Food Retail Group.
A wholly-owned subsidiary of Singapore-based Global Yellow Pages, the Global Food Retail Group is teaming up with Aimer to jointly run fast-food outlets Wendys and Gang Ti across several Asia Pacific countries.
Wendys is an Australian quick-service restaurant franchise across Australia and New Zealand selling beverages, ice cream, treats, hot dogs and other products, while Gang Ti, incorporated in South Korea and run by Aimer, sells fried chicken, drinks and other products.
Wendys was acquired by Global Yellow Pages in 2014, which has a strategy of expanding the brand across the Asia Pacific.
A stock exchange filing says both firms have granted interest-free shareholder loans to the JV corporation for an aggregate of $6 million in cash, as well the intellectual property and franchise licence. This will see the JV run the Gang Ti franchise in Southeast Asia, Australia and New Zealand, while Wendys will expand into the South Korean and Japanese markets.
Wendys was established in South Australia in 1979 by entrepreneurs Geoff Davis and Phil Rogers who opened their first ice cream parlour in a shopping centre. After more than 30 years of franchising, the chain grew to 200 outlets across Australia and New Zealand, the majority of them kiosks.