Chanticleer Holdings, Inc., a minority holder in the privately held Hooters of America parent company and a franchisee of international Hooters restaurants, recently released an update on the company's progress.
The company, as previously announced, recently signed a binding letter of intent to acquire an existing Hooters location in Nottingham, England. This acquisition is anticipated to close no later than Oct. 31, 2013, and will bring the number of restaurants Chanticleer operates to seven. Further expansion in the U.K. market is anticipated, representing a substantial opportunity for both Chanticleer and the Hooters brand.
Chanticleer's stated goal at the commencement of 2013 was to have 10 open Hooters restaurants under its umbrella. The company is progressing toward that goal with an additional Australian restaurant in Townsville; the recent signing of a lease agreement for a new restaurant in Pretoria, South Africa; and plans in view for a location in Rio de Janeiro.
As Hooters executes its stated goal of remodeling and refurbishing its 460-plus restaurants, at the same time increasing the number of its domestic and international locations, Chanticleer is reviewing several partnership opportunities with existing franchisees. Such transactions would greatly expedite the company's growth.
In addition to its Hooters expansion efforts, Chanticleer has announced the signing of a non-binding letter of intent to acquire American Roadside Burgers, Inc., which is a fast casual burger chain with five existing restaurants. It is anticipated that this acquisition will close no later than Sept. 30, 2013. Acquiring this company would bring revenue, opportunity, and diversification for Chanticleer in the growing fast casual burger model. Chanticleer plans to expand American Roadside Burgers domestically and, potentially, into international markets, as well.
In other company news, Chanticleer recently expanded its team with the addition of April Miller as director of training. Alexander Capital L.P. also recently agreed to assist the company with shareholder inquiries.
For more information about Chanticleer Holdings, visit chanticleerholdings.com
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