United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Chanticleer Holdings is on a quest to build a better burger

Proactive Investors Tuesday, 11 June 2019
Operates 62 restaurant locations in the US Signed a letter of intent to acquire a restaurant chain with five locations on the East Coast Spent the Spring forging partnerships with companies such as Beyond Meat and DoorDash Chanticleer Holdings (NASDAQ:BURG) loves a good burger. So much so that the company went out and bought a series of regional fast casual burger chains. The Charlotte-based company owns and operates Little Big Burger, BGR The Burger Joint and American Burger Co. In addition to what it calls its “Better Burger” portfolio, Chanticleer owns Just Fresh, a chain that makes sandwiches and wraps, as well as eight locations of the iconic Hooters franchise. All told, that’s 62 US locations, which generated $41 million in revenue in 2018. Inflection Points Chanticleer isn’t done beefing up its portfolio. The company has signed a letter of intent to acquire another restaurant with five locations on the East Coast for $10 million base consideration and $7.5 million in cash consideration. To fund the acquisition, the company is offering $16 million worth of shares of its common stock in a rights offering at $1 a share to shareholders and certain warrant holders. The company has spent the spring forging partnerships with companies across related industries. In April, it signed an exclusive deal with delivery service DoorDash. A month later, it reached an agreement to bring Beyond Meat Inc’s (NASDAQ:BYND) plant-based burger to more than 50 of its locations. Its other partners include supply chain analytics firm Food Service Industry Consultants, customer engagement company Thanx, the scheduling platform 7Shifts and ordering software platform Restaurant Revolution Technologies. Outlook CEO and Chairman Michael Pruitt expects 2019 to be key to the company’s growth phase. In the past eight months, the company has tapped Fred Glick as president and Patrick Harkleroad as CEO. Together, the revamped leadership team is ready to take Chanticleer to the next level. “In 2018 we executed on exactly what we promised early in the year, nearly doubling our Little Big Burger footprint.” Pruitt said in an SEC filing. “I believe the best days are just ahead for Chanticleer." In the first quarter of 2019, the company brought in $10 million in revenue and narrowed its losses year-over-year to $1.7 million from $2.4 million. It opened another Little Big Burger location, and expects to open another two more this year. By the end of the year, Chanticleer plans to have 73 stores generating $56.9 million in revenue. Contact Andrew Kessel at [email protected] Follow him on Twitter @andrew_kessel
0
shares
ShareTweetSavePostSend
 
Credit: Wibbitz Studio - Published < > Embed
News video: Burger King to Sell ‘Stranger Things’-Inspired ‘Upside-Down Whoppers’

Burger King to Sell ‘Stranger Things’-Inspired ‘Upside-Down Whoppers’ 01:10

Burger King to Sell ‘Stranger Things’-Inspired ‘Upside-Down Whoppers’ In partnership with Netflix, Burger King will start serving an “Upside-Down Whopper” in honor of the the new season of ‘Stranger Things.’ The burger is based on the Upside-Down, an alternative, sinister universe...

You Might Like


Recent related videos from verified sources

Burger King Introducing $1-Tacos [Video]Burger King Introducing $1-Tacos

Burger King is adding tacos to the menu. Business Insider reports that the Burger King Crispy Taco costs just $1. It will be available for a limited time starting on Tuesday. Burger King hasn't served..

Credit: Wochit News     Duration: 00:32Published

Where's the beef? New plant-based burgers growing in popularity [Video]Where's the beef? New plant-based burgers growing in popularity

Impossible Foods and Beyond Meat are trying to change the way people eat with their new plant-based ground beef products.

Credit: 7News - The Denver Channel     Duration: 03:37Published

Bun Alternatives That'll Rock Your Burger-Loving World [Video]Bun Alternatives That'll Rock Your Burger-Loving World

Take your bun from boring to bold with The Food in My Beard's Dan Whalen.

Credit: TPSY     Duration: 01:09Published

Burger King's CMO Talks About The Company Relaunching Its Look [Video]Burger King's CMO Talks About The Company Relaunching Its Look

Burger King has changed a lot over the year and one big change people noticed are their uniforms. The company’s CMO, Fernando Machado, described the old uniforms as “very generic.” According to..

Credit: Wochit Business     Duration: 00:32Published


Other recent news in Business

US TREASURY Secretary Mnuchin warned that Facebook's Libra could be a tool for terrorists, traffickers, and drug smugglersWe've mapped out the 30 most powerful people in Bank of AMERICA Merrill Lynch's vaunted bond-trading division
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.