SINGAPORE (June 27): Seafood restaurant chain operator No Signboard Holdings is planning to enter the fast food business with the launch of its new brand, Hawker, via its wholly-owned subsidiary Hawker QSR.
In a Wednesday filing, the group says it plans to establish its first Hawker-branded outlet by end-2018, and have at least three outlets by early 2019 to target consumers in the central, east and west regions of Singapore.
The new Hawker fast food business venture is estimated to require setup costs of approximately $0.5 million per outlet, which will be initially funded by 20% from the IPO proceeds and 80% through bank loans.
Through its Hawker-branded fast food outlets, No Signboard intends to offer consumers hawker-themed burgers, wraps and buns under Halal certification and a permit to operate the chain 24/7.
Outlets will also feature self-cashiering point-of-sale, free Wifi and charging stations, IPAD and automated dessert stations.
“For the first time after over 30 years of being in the seafood restaurant business, our group is branching out to fast-moving and higher turnaround fast food business. This will allow our group to cater to the ever-changing palates of the Singaporean consumer and is in line with our group’s core strategy to add diversity to our group’s restaurant business portfolio,” comments Sam Lim, executive chairman and CEO of No Signboard.
Shares in No Signboard closed 0.5% lower at 19 cents on Tuesday.