Burger King NZ sold for $30 million

The troubled Burger King NZ operation was sold to the Tahua Capital investment group for $30.48 million, it has been revealed. Tahua already owns the New Zealand Starbucks master licence, which it bought in 2018.

According to receiver Brendon Gibson’s report the secured creditors of Burger King, including ANZ, ASB and Rabobank, were owed more than $50 million. The banks supported the receiver's compromise deal, and had agreed to share half of any sale proceeds over $30m if the company was sold as a going concern.

All Burger King outlets in New Zealand are owned by the master licensee, with no individual franchisees affected. Five company-owned stores were closed when the company went into receivership in April 2020.