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Middle East franchisee buys global rights for Jones the Grocer
THE master franchisee for Australian gourmet chain Jones the Grocer in the Middle East has bought global rights to the brand.
Separately, LVMH-backed L Capital Asia has taken a significant minority stake in the Middle East franchisee, JTG Holdings.
A subsidiary of L Capital Asia has also taken master franchise rights for the brand in various markets in North Asia, South-east Asia, Australia and New Zealand.
Announcing these on Monday, JTG Holdings and Jones the Grocer's CEO Yunib Siddiqui said: "Our franchisees and employees are our true partners and the most important element of our offering. This new development will bring better focus and new global opportunities to all stakeholders in the business."
L Capital Asia has been an investor in Jones the Grocer brand since 2012. It bought over the chain's operations in Singapore last year, after it was placed under judicial management in March.
It had about S$19 million in total liabilities then, of which S$4.8 million was owed to third party suppliers, according to The Strait Times.
Said L capital Asia chairman Ravi Thakran in the statement on Monday: "While our investment faced many challenges, we keenly observed the passion and professionalism with which Yunib and his team have built a successful franchise in the Middle East. They have made investments in a world-class infrastructure that is capable of supporting a global expansion of the brand.
"We are certain that as the new owners of the brand, they will do full justice to exploiting its true potential."