Thai restaurant chain S&P Syndicate has formed a 51:49 JV firm with Chinese companies to run a restaurant business under the Vanilla brand in Beijing and Shanghai.
It says it has invested in the project through its subsidiary Patara International Restaurant Management (Beijing) to hold a controlling interest in the JV, Shanghai Yueshi Restaurant Management, with a registered capital of RMB 3 million (US$435,000). The Chinese partners, Shanghai Daqi Restaurant Management and Guang Zhou NguanSoon Food, hold 40 and 9 per cent respectively.
S&P Syndicate president Kessuda Raiva says the JV will help the company expand networks and opportunities in China.
Earlier, S&P expanded into Europe under Patra and Suda brands. It has launched more sub-brands, including Vanilla.
S&P last year had total revenue of 7.55 billion baht (US$218.8 billion). Of this, 76 per cent was generated from S&P restaurants and bakery shops, which have about 500 branches nationwide, 10 per cent from food-and-bakery supplies and 15 per cent from its overseas businesses.
In this year’s first half, it reported total sales revenue of 3.62 billion baht, up 4 per cent from the same period last year, while profit dropped 9 per cent from 225 million baht.
