CFA Society Singapore
SINGAPORE (Nov 17): BreadTalk Group says its wholly-owned indirect subsidiary Taster Food UK (TFUK) has entered into an agreement with Fairy Rise Development, the franchise owner of the Din Tai Fung brand of restaurants, for the franchise right to operate the Din Tai Fung brand of restaurants in the UK.
BreadTalk currently operates 21 Din Tai Fung restaurants in Singapore, and three restaurants in Thailand.
In a Thursday announcement, BreadTalk says TFUK will subsequently become a joint venture (JV) company comprising BreadTalk’s indirect wholly-owned subsidiary Together Inc.; Din Tai Fung Taiwan; Fairy Rise Development; a UK partner; as well as a Taiwanese, as shareholders.
Together Inc. will be the major shareholder of the JV, according to the group.
BreadTalk says it expects to open the inaugural UK-based Din Tai Fung in London next year, which will be operated by TFUK.
“With our experience in operating the brand for the last 13 years in both Singapore and Thailand, we hope to bring the much loved Din Tai Fung to new consumers who will appreciate this authentic Taiwanese cuisine,” says BreadTalk’s divisional CEO (restaurant), William Cheng.
Din Tai Fung’s owner, Chi-Hwa Yang, adds: “BreadTalk Group has played an integral role in our success by growing and exposing our Taiwanese brand to an international audience, and achieved a sustained popularity due to its commitment to uphold Din Tai Fung’s exacting culinary and service standards.”
Shares of BreadTalk closed 4.8% higher at $1.09 on Wednesday.