BurgerFuel shares jump 21 percent on California deal
posted on 5th June 2015
BurgerFuel has announced a deal with a major multi-unit Subway franchisee in California as it plans to open its first restaurants in the US. Last year, the company attracted investment from Franchise Brands LLC, which was created by Subway founders Fred DeLuca and Dr Peter Buck.
Shares in gourmet burger company BurgerFuel jumped more than 21 per cent yesterday after it announced a partnership with California-based franchisor OhCal Foods as part of its plan to break into the US market.
The New Zealand burger chain, which also operates in Australia, Egypt, Saudi Arabia, Kuwait and the United Arab Emirates, has been eyeing the competitive US market since early last year when it raised $5.9 million from US investor Franchise Brands to help fund its global growth aspirations.
BurgerFuel chief executive Josef Roberts said the latest partnership with OhCal, which services more than 2100 Subway restaurant outlets, was its next strategic move.
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