Chanticleer Holdings, a U.S.-based franchisee of international Hooters® restaurants and a minority owner in the privately held parent company of the Hooters brand, Hooters of America, today announced it has finalized the Stock Purchase Agreement for complete ownership of the shares of West End Wings Limited (“WEW”), for a total purchase price of $3.15 million. The release disclosed the seller of WEW as Manchester Wings Limited.
Prior to the transaction, WEW wholly owned the Nottingham, UK Hooters restaurant location operations. As part of the transaction, all leasehold and franchise rights to the location will be transferred to Chanticleer Holdings, for which November 5, 2013 has been set as a date for final closing and execution of all remaining documents. The execution of this agreement is in line with the Binding Letter of Intent signed on August 2, 2013.
This agreement is Chanticleer Holdings’ latest step forward in its ambitious plans for continued rapid international growth. The Nottingham location is the company’s second European and seventh Hooters location. It is also one of Hooters’ leading international locations as well as a popular destination for watching the exploits of the many local sporting teams and taking a break from the area’s many tourist attractions. The restaurant has 340 seats, including two outdoor patio areas that accommodate a total of 80 customers. WEW has owned and operated this location for the last 15 years, and the restaurant’s current management team will continue to keep the restaurant running under Chanticleer’s new ownership.
Mike Pruitt, CEO and President of Chanticleer Holdings, commented, “Nottingham has been a stellar location for the iconic Hooters brand, and we look forward to continuing its excellence in service and performance. The Nottingham location is a tremendous step forward in our plans to expand Chanticleer’s European Hooters’ footprint and to achieve profitability, and I look forward to being at the Nottingham restaurant for the closing of the transaction. We thank those who believed in this transaction and Chanticleer’s plans and provided us the capital to make this happen.”
Johnny Goard, Owner of the Hooters restaurant in Nottingham, England, stated, “Nottingham is a great store with a strong management team and staff that are sure to thrive for many years to come.”
For more information about Chanticleer Holdings, visit www.chanticleerholdings.com
About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
