15th November 2023 Burger Fuel
Burger Fuel Group will hold a special meeting of shareholders on Thursday 14 December 2023 to vote on its proposed return of capital.
Burger Fuel has secured initial terms from the High Court for its proposed return of approximately $4.1m to shareholders.
Burger Fuel shareholders are in line for a $4m payout related to a proposed tie-up with Subway that never came to pass.
The QSR group is looking at options to continue expanding its footprint in NZ after new franchisee demand dwindles in the tough economic climate.
Burger Fuel Group has reported a preliminary net profit after tax of $900,418 for the 12 months to 31 March 2023, up 56.3% on the previous year.
One New Zealand BurgerFuel store lost 52 lost trading days in the six month period due to staff shortages.
“These remain uncertain times and we will have to see how things develop over the next 6-12 months,” says CEO Josef Roberts.
Burger Fuel Group says it is experiencing some short-term, temporary store closures as a result of the Omicron outbreak.
Burger Fuel signals a holding pattern while UK-heavy CGF rides the first wave of the global recovery.