Cooks Global Foods reorganises Esquires China to drive growth
Cooks Global Foods (NZAX.CGF) announces it has signed a term sheet to reorganise its Chinese coffee house operations to accelerate growth in the Greater China region.
For a 30% stake in the venture Cooks would contribute: BEML; the rights to operate the Esquires Coffee brand in Greater China; rights to future royalty payments and franchise fees in the region. Meanwhile, JCIP will contribute RMB46.67 million1 (~ NZ$9.75 million) in new funding to the venture for a 70% stake. These funds will be used to drive the development of the venture’s branded coffee network.