Esquires Coffee agrees Egyptian master franchise
Cooks Global Foods today announces it has agreed an Esquires Coffee master franchise for Egypt in a move that gives a boost to the group’s Middle East expansion plans.
The new agreement with Egyptian food service entrepreneurs Yasser Hamed and Samy Nada runs for ten years with a further right of renewal. It envisages the development of 50 stores in Egypt and will assist Cooks Global Foods to achieve its target to lift global store numbers from 71 to125 stores by the end of the 2016 financial year.
Esquires Coffee already operates 20 stores in the Middle East including seven in Saudi Arabia, four in the United Arab Emirates and three in Bahrain and six in Kuwait.
Cooks Global Foods, which owns the intellectual property and master franchising rights to Esquires Coffee Houses worldwide excluding New Zealand and Australia, now has agreements in place for 13 separate territories and is in discussions to expand its master franchise network further.
Egyptian master franchisee Yasser Hamed (left) Cooks Global Foods Executive Director Stuart Deeks execute the agreement at the New Zealand embassy in Cairo.
Executive Chairman Keith Jackson said: “The Middle East represents a very attractive territory for Esquires. Cafes are culturally important meeting places, while Esquires’ artisan Organic &Fairtrade coffee experience is growing in appeal in the region especially among more affluent consumers.”
The Egyptian agreement comes hard on the heels of the company’s confirmation that its new brand and store design formats are driving increases in same store sales.
Last week the company announced its rebranded and upgraded Esquires Coffee store in Durham, in the north of England had seen a 19.2% uplift in same store sales over the 29 weeks since it re-opened. Meanwhile Esquires’ flagship Chinese store in OrientalPlaza in Beijing had seen a 21.4% increase in same store sales in the first two weeks since it reopened.
“We are very pleased with our progress. This agreement coupled with the strong progress we are making with the rebranded and revamped stores in Europe gives us great confidence in the prospects for the brand.” Mr Jackson said.
Contact:
Keith Jackson Richard Inder
Executive Chairman Merlin Consulting
Mob: +64 (21) 702 509 Mob:+64 (21) 645643
keith.jackson@cooksglobalfoods.com richard@merlinconsulting.co.nz
About Cooks Global Foods:
Cooks Global Foods operates in world markets and is listed on the NZAX market operated by NZX Limited in New Zealand under the code CGF. It owns the intellectual property and master franchising rights to Esquires Coffee Houses worldwide excluding New Zealand and Australia. CGF’s Esquires currently operates or franchises coffee houses in the United Kingdom, Ireland, the Middle East and China. Related businesses within the group include New Zealand-based supply companies Progressive Processors and Scarborough Fair, which supply product into both Esquires stores and other third party customers. See: www.cooksglobalfoods