Food Concepts Limited, owners and operators of Chicken Republic restaurants has stated its determination to increase its outlets across the African continent to at least 1,000 in the next five years.
The company also disclosed that Nigeria would be the hub of Chicken Republic activities with a total of 300 outlets in the next 5years followed by the southern African market with a total of 150 at the expiration of the gestation period.
Mr. Paul Farrer, Chief Operations Officer (COO) of the company made this disclosure in an interview with THISDAY in Lagos. He stated that the company has already started out with this optimistic project and has since opened up an outlet in South Africa.
"The company is aiming at rolling out 1,000 Chicken Republic Stores across Africa over the next 5years and we have already started driving this objective with the opening of our first Chicken Republic in South Africa in November last year", he stated.
Mr. Deji Akinyanju, founder and Chief Executive Officer of the company has also confirmed that the main market for the Chicken Republic franchise on the continent with about 300 of the 1000 stores planned for opening in the next 5years.
The number of outlets allocated to Nigeria according to Akinyanju is a reflection of the large population of the country and an indication that Chicken Republic sees Nigerians as its target customers and strongly believes in the renaissance of the Nigerian Middle class.
"Food Concepts also intends to grow its Chicken Republic brand aggressively in the South African market with plans to roll out over 150 stores within the next 5years", he added.
According to Food Concepts' Chief Executive, the company has plans to leverage on the well-established franchise that exists in the South African market to increase its market share in the country.
Other countries in Africa that the company intends extending its service to include Ghana, Senegal, Ivory Coast, Mali, Sierra Leone, Rwanda, Kenya, Mozambique, Zambia and Uganda.
Food concepts started operations in 2001 and it is the owner of four major brands, including the popular fast food restaurant franchise, Chicken Republic, Pizza franchise (St Elmo's), Bakery franchise (Butterfield) and an upscale fine dining restaurant (Reeds Thai Restaurant).
The company is currently putting finishing touches to the ongoing private placement of its shares by which means it intends raising fresh capital to be used for its ongoing aggressive expansion drive. The shares in view would be listed on the Nigerian Stock Exchange (NSE) before the third quarter of this year hopefully. |
