Chanticleer Holdings holds all or part of the Hooters franchise rights to develop and operate Hooters restaurants in South Africa, Hungary, Australia, and three states of Brazil.
The company estimates Australian market opportunity for 15 restaurants and accordingly as established a joint-venture agreement with an existing Hooters franchisee to cooperatively develop Hooters restaurants in the country. The joint venture has entered into a lease agreement for its second location in Townsville and is set to commence construction this year.
HOTR currently owns a 49 percent interest in the Campbelltown, which opened January 2012 as the third Hooters restaurant in Australia, representing the company’s first co-developed restaurant in the region.
For the year ended December 31, 2012, the Campbelltown location generated revenue of $3.3 million, contributing to total HOTR revenues of $6.9 million, with gross profit of 71.1 percent.
Overall HOTR has six current restaurants and says it is on track to reach its broader goal of 10 locations by year-end. The company’s strategy is to expand the Hooters brand in emerging international markets by seeking out experienced partners and acquisition opportunities of Hooters restaurants and new concepts.
Based on its current territories, the company believes it can grow to have more than 75 Hooters locations.
For more information, visit www.chanticleerholdings.com
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