The New Zealand subsidiary of Restaurant Brands Inc. — which owns chains such as KFC, PIzza Hut, Carl’s Jr.’s — said that it will not renew its licence deal with Starbucks as it intended to focus on its core fast-food operations.
Ted van Arkel, Chairman of Restaurant Brands, said: “While the Starbucks business had provided a steady contribution to the group over a number of years, it was becoming less relevant to the company's overall direction as it looked to further expand its core quick service restaurant brands in New Zealand and overseas."
Starbucks Corporation will continue to operate in New Zealand after investment firm Tahua Capital bought the domestic Starbucks’ license for NZ$4.4 million ($2.9 million).
“Both Tahua and Starbucks share similar values about high-quality coffee, engaged partners (employees) and a passion to create positive change in the communities they serve,” said Charles Belcher, CEO of Tahua Capital.
Tahua Capital said it would seek to secure leases for Restaurant Brands’ 22 Starbucks stores and would continue to employ all 300 current employees.