Change of owner of the once-famous Pho 24 brand

According to Business World , in a recent statement, Jollibee - the unit behind the Pho 24 business - signed an agreement to transfer assets to East-West Restaurant Concepts.

“The franchise agreement to operate Pho 24 stores in the Philippines has also been terminated. This company is also operating 14 Pho 24 stores in Vietnam,” the announcement said.

Pho 24 brand continues to change owners.

JOLLIBEE Foods Corp. reported a nearly 11 percent drop in its first-quarter net income from P2.31 billion to P2.06 billion year-on-year despite a sharp increase in revenue.

"Our first quarter financial results reflect continued strong momentum, resulting in another quarter of strong revenue and operating income growth. We remain focused on navigating through the uncertainties, confident in our ability to deliver another year of strong growth," said Ernesto Tanmantiong, Jollibee's president and CEO.

Pho 24 was founded in 2003 by Mr. Ly Qui Trung - a businessman specializing in high-end cuisine , with a starting capital of 1 billion VND.

At the end of 2011, Mr. Ly Quy Trung transferred the Pho 24 brand to Viet Thai International Company (VTI), the owner of the Highlands Coffee chain. VTI then sold 50% of Pho 24 shares to the Jollibee Group of the Philippines for 25 million USD.

Pho 24 is operating 14 pho restaurants, including 13 restaurants in Ho Chi Minh City and 1 restaurant at Da Nang airport.

Jollibee Corporation was founded in the Philippines in 1975 as two ice cream parlors. Jollibee now operates the largest food service network in the Philippines with more than 1,500 stores in 17 countries, including the American Coffee Bean & Tea Leaf brand and its own fast food chain.

According to Reuters , by the end of 2022, the Philippine group plans to sell 10-15% of the Highlands coffee chain for 800 million USD.

In Vietnam, Highlands Coffee is leading in terms of revenue. In 2019, the brand set a record when it earned 2,199 billion VND, the highest level after 23 years of establishment.

(Source: tienphong.vn)

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Source: https://vtc.vn/doi-chu-thuong-hieu-pho-24-vang-bong-mot-thoi-ar771987.html