BurgerFuel quits USA

posted on 23rd October 2020

23 October 2020 - BurgerFuel is to close its single store in the USA, as part of a deal between the US master franchisee (and BurgerFuel's original founder) Chris Mason and the NZX-listed BurgerFuel Group. The decision brings to an end an adventure which started in 2014 when the US company Franchise Brands took a stake in the New Zealand chain. Franchise Brands was associated with Subway founder Fred DeLuca, but the partnership came to an end following DeLuca's death later that year.

Chain founder Chris Mason took over the rights to the BurgerFuel USA master franchise in 2018, after the board of New Zealand-based Burger Fuel Group decided it was not viable to expand into the US market.

At the time, Mason stepped down from Burger Fuel Group’s board but retained his roughly 11 per cent stake in the company.

But on Friday, Burger Fuel Group, which included the Shake Out and Winner Winner brands, advised the New Zealand stock market that it would acquire 1,538,461 shares from the Mason Family trust to settle debt relating to the US venture.

Read more at https://www.stuff.co.nz/bus...

Order a Print Copy
Order a Print Copy