TAB Gida, the master franchisee responsible for Burger King, Popeyes, and various other fast food restaurant chains in Turkey, has obtained the green light for its intended Initial Public Offerings (IPO).
After receiving the green light from Turkey’s Capital Markets Board (SPK), TAB Gida is anticipated to embark on the largest dollar-denominated IPO since 2018, as reported by Reuters.
The report verified that the company plans to make only 20% of its shares available for public offering, while shareholders of TFI TAB Gida Yatirimlari will divest a portion of their shares, coupled with a capital injection.
As per a Bloomberg report, the foodservice company intends to generate approximately Tl6.85 billion (equivalent to $246 million) by vending 52.5 million shares at a price of Tl130 per share.
Following the market’s closure on Thursday, the report, referencing regulatory clearance, disclosed that the IPO comprises nearly 28.9 million new shares, with the parent company TFI TAB Food Investments slated to divest an additional 23.6 million shares.
TAB Gida will allocate the funds from the listing towards the establishment of new restaurants, the installation of a new solar plant, and the reduction of its current financial liabilities.
The foodservices company is expected to disburse Tl215 million in intermediary fees during the IPO.
Moreover, TAB Gida will make around 78% of the shares available to domestic retail investors.
Since 1994, TAB Gıda has been dedicated to fostering the expansion of the quick-service restaurant (QSR) industry in Turkey.
The company currently operates 1,500 fast food restaurant brands across Northern Cyprus, North Macedonia, Turkey and Georgia regions.
TAB Gida operates different fast food restaurant chains such as Arby’s, Popeyes, Sbarro, Subway and more than 700 Burger King outlets.
The Bloomberg report added that TAB Gida’s annual revenue increased by 125% to Tl8.62bn in 2022.
The company’s net income in 2022 stood at Tl361.8m.
This Navratri season, Haldiram’s is thrilled to unveil its exclusive Navratri feast menu, designed to satisfy all your fasting culinary cravings. With immense joy, the brand unveils this campaign, showcasing a range of exquisite recipes that not only tantalize the taste buds but also pay homage to the rich traditions of the festival. Haldiram’s sets itself apart as a trailblazer in maintaining the highest standards of hygiene when crafting Navratri meals.
Indulge in a delightful array of culinary delights at your nearest Haldiram’s restaurant or, for added convenience, order exclusively through Zomato.
Featuring a menu that spans from timeless classics like Kurkuri Sabudana Tikki to inventive creations like the Tandoori Platter, Sabudana Papdi Chaat, and Purani Dilli Ki Tawa Aloo Chaat, there’s something to satisfy a variety of tastes. The tandoori specialties, in particular, present a delightful fusion of tenderness on the inside and crispiness on the outside, making them an irresistible choice for all.
If you’re in search of a satisfying feast, Haldiram’s Navratri special thali is a must-try during this festive season. It offers a diverse selection of dishes, ensuring a delightful and complete meal experience.
Divya Batra, Head of Marketing at Haldiram’s said, “This Navratri, let your fasting journey be a flavorful one. At Haldiram’s, we have thoughtfully curated a Navratri menu that not only honors the essence of fasting but also ensures a delightful culinary adventure. From traditional fasting snacks to hearty, wholesome dishes, you can explore a world of flavors at your nearest Haldiram’s restaurant or conveniently order online via Zomato.”
Kailash Agarwal, President – Retail, Haldiram’s said, “Navratri is a time to seek blessings and savor flavorful meals after a day of fasting. At Haldiram’s, we comprehend the diverse taste preferences of our patrons and the importance of traditional recipes during the festival. Therefore, we have meticulously crafted a special Navratri menu to tantalize the taste buds of our valued customers as they celebrate the eagerly anticipated festival – Navratri.”
In an effort to support retailers in Odisha and Uttar Pradesh, the National Skill Development Corporation (NSDC), operating under the Ministry of Skill Development & Entrepreneurship (MSDE), has unveiled a collaboration with Coca-Cola India to introduce the Super Power Retailer Program as part of the Skill India Mission. This initiative is currently in the pilot phase in Odisha.
The official announcement of the partnership took place with the presence of key dignitaries, including Union Minister for Education and Skill Development & Entrepreneurship, Dharmendra Pradhan; NSDC’s Chief Operating Officer, Ved Mani Tiwari; and Sanket Ray, President of Coca-Cola India & Southwest Asia.
During the event, Dharmendra Pradhan highlighted that the Super Power Retailer launch, coinciding with the auspicious Durga Puja celebration, would empower retailers by offering training to expand their businesses and improve customer experiences. He emphasized that this initiative would be instrumental in bolstering India’s economy through the skill development, reskilling, and upskilling of retailers.
Pradhan further emphasized how this initiative, in alignment with Prime Minister Narendra Modi’s vision of ensuring that our workforce is the primary beneficiary of a thriving India, will deliver 14 hours of top-notch retail training to 1.40 crore retailers across the nation through the Skill India Digital Portal. He also noted that this training would equip retailers to effectively devise and execute business strategies while harnessing the numerous opportunities offered by digital platforms.
Pradhan also conveyed that these training modules would be accessible in various languages, ensuring that both small shopkeepers and large-scale businessmen across the nation can benefit. He further highlighted that this initiative would foster a retail ecosystem capable of surpassing customer expectations, embracing the future of work, and catalyzing exponential growth within the industry.
During this event, Coca-Cola recognized accomplished retailers and celebrated women who have achieved self-sufficiency through the application of their skills and entrepreneurial endeavors. Pradhan expressed his respect and admiration for the mothers of Odisha who have advanced their businesses with their intelligence and entrepreneurial acumen.
The Super Power Retailer Program is poised to empower and advance retailers, representing a significant milestone in Skill India’s endeavors to bolster the workforce. This initiative places its emphasis on enhancing the capacity and capabilities of retailers within the contemporary retail sector. Its primary objective is to educate and train small and micro retailers, equipping them with the knowledge and competencies necessary to gain a deeper understanding of consumer behaviors and preferences. Retailers will receive instruction, tools, and techniques essential for success in the ever-evolving retail landscape. This will, in turn, help disseminate best practices, providing traditional retailers with the requisite skill set to enhance profitability and bolster their business acumen.
The program is designed to deliver industry-specific skills, including customer management, inventory and stock management, and financial management, tailored to the specific professional requirements of retailers. This will enable retailers to attain proficiency and expand their knowledge. The training, spanning 14 hours, will encompass two hours of in-person classroom sessions and 12 hours of digital training. It will combine physical classroom instruction with access to an app-based Learning Management System (LMS) that can be used on mobile and handheld devices for online modules. These modules will be hosted on the Skill India Digital platform (SID). The training will employ a multimedia approach, incorporating a mix of videos and written materials, all facilitated by experienced trainers to support the learning process. Participants will receive a certificate upon successful completion of the classroom, online training, and assessment modules.
Through the collaboration, NSDC will assist Coca-Cola India in broadening the reach of the program on SID. This entails the development and enhancement of training content to match industry-specific skill demands. Furthermore, NSDC will oversee the recruitment of trainers for program implementation and guarantee a smooth learning process by furnishing the necessary training infrastructure.
Contemplating this significant achievement, Ved Mani Tiwari, the Chief Operating Officer of NSDC, emphasized the ongoing transformative revolution within India’s skill development landscape. This transformation is fueled by a steadfast dedication to empower the nation’s young population and its ambitious workforce through the acquisition, improvement, and adaptation of essential skills. He also highlighted that, guided by the leadership of Dharmendra Pradhan, the introduction of the Academic Bank of Credit, a digital repository of prior learning experiences, will serve to bolster the empowerment of India’s youth even further.
Sanket Ray, the President of Coca-Cola India & Southwest Asia, underscored his company’s commitment to generating value within the retailer ecosystem, a crucial component of the business value chain. In the ever-changing consumer environment, he emphasized that equipping retailers with essential entrepreneurial and digital skills not only elevates their significance in the eyes of today’s consumers but also prepares them for the future. He commended the Skill India Mission’s endeavors to promote innovation and offer industry-specific skills that are accessible to everyone.
Mayank Gupta and Lalit Jhawar, two dynamic farmer-entrepreneurs, have set forth on a thrilling venture into the gourmet retail realm with the inauguration of Food Square. Situated in the vibrant heart of Bandra, Mumbai, this unparalleled premium emporium for gourmet culinary delights boasts an expansive 25,000 square feet. It presents an opulent selection of the most exquisite provisions and elusive flavors procured from worldwide sources, catering to a wide spectrum of gastronomic cravings, all while aspiring to revolutionize the gourmet retail experience.
With a combined expertise of over 5 years in cultivating and supplying fresh produce to more than 200 supermarkets in Western and Southern India, this dynamic pair possesses extensive industry experience and a thorough comprehension of consumer demands. In an impressive initial funding round, Food Square has effectively garnered a significant investment of $3.6 million. The multi-story venue, rented with support from Bollywood Actor Salman Khan and backed by prominent investors like Fashion Designer Masaba Gupta, Mukul Agrawal, Purple Style Labs, Sanket Parekh (from the Pidilite Family), Rahul Kalyan (SMIFS), Harminder Sahni, and others, envisions establishing stores across India, including cities like Mumbai, Bangalore, Hyderabad, Chennai, Delhi, Jaipur, and Pune. Their primary focus is on serving the High Net Worth Individual (HNI) and Ex-Pat Community.
Food Square presents an extensive selection from over 6,000 global brands. The establishment showcases a dynamic Live Kitchen, an enticing Cheese Cellar brimming with a collection of more than 350 cheese varieties ranging from INR 4,000 to INR 5 lakhs. They have cultivated partnerships with renowned brands such as Versace for an opulent cutlery range, Brijwasi for exclusive artisanal kulfi, air-fried farsans, Gelato for ice cream and cakes, live stations featuring Entisi Chocolate, and a diverse array of products encompassing dips, spreads, sauces, and a convenient Home Meal Replacement Service.
Food Square warmly welcomes connoisseurs to immerse themselves in a realm of indulgence, offering premium wines, fresh cuts from a distinguished meat market, Italian antipasti, olive oils, and truffles courtesy of Oliveology. Furthermore, they provide a diverse selection of eggs, a captivating fish cleaning theater, an extensive variety of fresh fruit jams, high-quality cold cuts, poultry, seafood, and an exclusive Indian sweet shop.
The opulent experience doesn’t stop at humans; it extends to pet owners as well, with a range of imported treats and tailor-made pet hampers. Food Square invites patrons to delve into a realm of freshness, highlighting exotic fruits, vegetables, and an extensive selection of water sourced from diverse corners of the world. In addition to retail, Food Square actively promotes artisanal brands, especially startups, allowing them to exhibit their forward-thinking product concepts and offering customers a varied range of products that align with current market trends.
Lalit Jhawar, CEO and Co-Founder of Food Square said, “Our aspirations reach for the sky as we strive to elevate the realms of experimentation, quality, accessibility, and convenience. Our primary goal is to deliver unparalleled freshness and top-notch quality, sourcing our food directly from the farms. We are committed to providing our customers with an experience that surpasses any they’ve encountered before.”
Mayank Gupta, MD and Co-Founder of Food Square said, “We are farmer-entrepreneurs-founders ourselves, running large-scale aquaponics and sustainable soil based farms in different parts of Maharashtra since more than 5 years. The current valuation of the Indian gourmet food market standing at $1.3 billion, a CAGR of 20 percent, makes it a promising arena. Our aim is to bring authentic flavours from around the world to our home turf, creating a space that resonates with every food enthusiast. A dynamic city like Mumbai truly deserves a top-tier gourmet experience, and we are delighted to fulfil that need.”
The platform fee, applied in addition to the delivery charge, continues to be applicable to all customers, including those enrolled in Swiggy’s loyalty program, Swiggy One. Even Swiggy One members, who receive benefits such as free food and grocery delivery, are not exempt from the platform fee.
The platform fee, applied alongside the delivery fee, continues to be applicable to all customers, including members of Swiggy’s loyalty program, Swiggy One. Even Swiggy One subscribers, who receive benefits such as free food and grocery delivery, are not exempt from the platform fee.
At present, the platform fee is solely associated with Swiggy’s food delivery service and has not been introduced for Instamart orders.
Interestingly, in August, Swiggy’s main rival, Zomato, also increased its platform fee from INR 2 to INR 3 per order. Zomato also extended the platform fee to Zomato Gold users, who were previously exempt from this charge.
This aligns with Swiggy’s pursuit of enhanced profitability, particularly as the company prepares for its initial public offering in 2024.
Earlier this year, Swiggy CEO said its food delivery business achieved profitability as of March 2023. “As of March 2023, Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs),” claimed Swiggy CEO Co-Founder and CEO Sriharsha Majety.
In the fiscal year 2022, the company reported a consolidated loss of INR 3,629 crore and generated revenue totaling INR 5,704.9 crore. Out of this revenue, INR 3,444.4 crore was attributed to the food delivery segment.
Conversely, Swiggy’s competitor, Zomato, achieved profitability in the first quarter of FY24, recording a consolidated profit after tax (PAT) of INR 2 crore compared to a consolidated net loss of INR 186 crore in the corresponding quarter of the previous fiscal year.
Rice exporters and millers dealing in Basmati rice from Haryana, Punjab, and western Uttar Pradesh have halted their purchases from 300 wholesale markets across these regions starting Saturday evening. This decision comes in response to the government’s choice to maintain the minimum export price (MEP) at $1,200 per tonne, a level deemed excessively prohibitive for India’s Basmati exporters to effectively participate in the global market, according to industry leaders.
“A number of exporters and millers have stopped purchase of paddy/rice as the government has not lowered the MEP. This is despite the government promising us at the last meeting held on September 25 that the MEP will be lowered to $900 per tonne,” said Vijay Setia, former president of the All India Rice Exporters Association. “The meeting, which happened virtually, was presided over by Union commerce and industry minister Piyush Goyal.”
Exporters have reported that, to date, only 20% of the latest crop, specifically the 1509 variety, has been acquired, while the remaining 80% remains either in the possession of farmers or stored in wholesale markets (mandis).
Farmers in the three states are facing a significant dilemma, uncertain about where to market their freshly harvested Basmati rice, primarily destined for export and with limited domestic consumption. On August 25, the government imposed a ban on Basmati rice exports below the price of $1,200 per tonne to prevent the potential occurrence of “illicit” trade involving standard white non-Basmati rice disguised as premium Basmati rice. Furthermore, it suspended contracts for rice priced below $1,200 per tonne and instructed the Agricultural and Processed Food Products Export Development Authority to establish a committee for reviewing these contracts.
Raghbir Singh, an agitated farmer from Karnal, said, “The government’s decision not to lower the MEP will result in agitation from the farmers and will have an impact on the upcoming state elections.” “It should be monitored fortnightly to curb inflation and the price bar should be raised as per need” he said.
Out of the entire 1.7 million hectares of land devoted to Basmati rice cultivation, the 1509 variety encompasses approximately 40% of this area. In the fiscal year 2022-23, Basmati rice exports amounted to 4.5 million tonnes, valued at INR 38,524.11 crore, with the primary purchasers being Gulf nations. Over 80% of India’s Basmati rice production is earmarked for export. Setia acknowledged the government’s concern for managing inflation, which underpins their actions.
The Food Corporation of India markets its rice in the open market for INR 31.
Restaurants in California, USA, have adopted an unusual approach to address issues related to customer intoxication, especially during bottomless brunches. To deter patrons from becoming excessively intoxicated and causing disturbances, some eateries are implementing what they refer to as “vomit fees.”
As per a CBS News report, a restaurant located in Oakland has prominently displayed a sign for the last two years to alert mimosa enthusiasts. This sign serves as a cautionary notice, informing patrons that a $50 cleaning fee will be applied to their bill in the event of any vomiting incidents within the restaurant’s public spaces. The sign reads, “Dear all mimosa lovers, Please drink responsibly and know your limits. A $50 cleaning fee will automatically include in your tab when you throw up in our public areas. Thank you so much for understanding.”
The owner of the establishment mentioned that while he hasn’t yet charged anyone the cleanup fee, the sign has proven to be an effective deterrent. He explained, “It was really tough cleaning. People were scared with COVID. And this was happening a lot. My workers don’t want to do that. It got better. Now [customers] know they have to pay. They understand.”
In a similar vein, a San Francisco restaurant, as reported by People Magazine, also warns brunch-goers that they could face a $50 fee for incidents resulting from intoxication. A message on the restaurant’s menu reads, “Please Drink Responsibly. $50 Cleaning fee per person for any incidents [that] incur as a result from intoxication… responsible for the whole group.”
Since implementing this warning, the restaurant has observed a reduction in indoor vomiting incidents. The owner noted, “It’s better, but every other week we get somebody throwing up or vomiting. Now they go outside.”
These efforts in California are not unique instances. Just recently, a restaurant in Singapore garnered online visibility when a viral video depicted a woman engaged in a dispute with restaurant personnel who were firm in their request for her to cover a $15 cleaning fee following her intoxicated friend’s episode of vomiting.
It’s important to highlight that the practice of implementing cleaning fees for messes isn’t limited to restaurants. Uber, a popular ride-sharing platform, permits its drivers in the United States to impose cleaning fees that can range from $20 to $150 when passengers leave a mess.
Speciality Brands has entered into an exclusive distribution agreement with Chopin Vodka, a super-premium Polish brand, for the UK market.
Chopin, a family-owned brand situated in eastern Poland, manages the entire production process, from the farm to the bottle, ensuring full control over every aspect.
The brand offers Wheat, Rye, and Potato varieties, all boasting a 40% ABV. Additionally, Speciality Brands will introduce Chopin’s exclusive Vera Wang bottle, blended editions, and Family Reserve to the UK market.
By joining forces, the distributor’s objective is to enhance Chopin’s footprint in both the on-trade and off-trade sectors.
“As a family-owned business focused on producing high-quality spirits, [the Chopin team] share many of our values and fit really well within our portfolio of premium drinks,” said Chris Seale, managing director at Speciality Brands. “We’ve got great plans for the brand, which include taking full advantage of the growing popularity of the martini in the UK.”
Tad Dorda, Chopin Vodka, Co-Founder and chief executive, added, “We were looking for a distributor that would bring passion, expertise, and a flair for building luxury brands in a market that needs nurturing in a very specific way. Speciality Brands has all the right credentials and we’re looking forward to taking Chopin on the next steps of its journey.”
Nestlé is poised to reduce its workforce by 90 positions at a Swiss facility as part of its strategic realignment towards the production of two specific food brands.
The Swiss multinational is allocating a sum of SFr6.5 million ($7.2 million) for the revitalization of its Wangen facility, situated in the canton of Schwyz. This facility currently specializes in the production of fresh dough.
At the Swiss facility, Nestlé will exclusively manufacture two brands: Buitoni, renowned for its Italian pasta, and Leisi, a producer of pastries and dough.
In the upcoming year, nearly half of the workforce at the Wangen factory will be reduced. Nestlé conveyed this information to employees on the morning of October 13th, as confirmed by a spokesperson from the company.
“We constantly review our activities and market requirements. The market conditions have changed and volumes abroad have decreased. We have therefore decided to concentrate on our core business with our own brands in the future,” the spokesperson said.
“We have personally informed our employees this morning about our plans and a four-week consultation period with the personnel commission has now begun. Our plans foresee a two-phased approach and it is expected that the process will be finalised at the end of Q2.”
The spokesperson further mentioned that Wangen facility manufactures various brands, including products for foodservices, catering to both the Swiss market and international exports.
Nestlé maintains nine production facilities in Switzerland and markets a wide array of products under approximately 40 diverse brands catering to both consumers and their pets.
During the initial half of the current financial year, Nestlé recorded a 1.6% increase in sales, reaching SFr46.3 billion on a reported basis. The closely monitored underlying trading operating margin (UTOP) saw a 20 basis point increase, reaching 17.1%, and grew by 30 points in constant currency. In terms of trading operating profit, there was a 2.9% rise to SFr7.9 billion.
Net income experienced a 7.7% upturn, reaching SFr5.6 billion.
SunOpta has divested a collection of frozen fruit assets to Nature’s Touch, a Canada-based specialist in the industry.
In a $141 million agreement, Nature’s Touch has acquired specific assets of SunOpta’s Sunrise Growers business, with a focus on operations situated in Edwardsville, Kansas, and Jacona, Mexico.
Nature’s Touch identified the US market as a “significant growth prospect” and has recently made an investment in an additional facility located in Virginia.
SunOpta purchased Sunrise Growers in 2015 for approximately $450 million. The sale of these assets is part of the company’s strategy to prioritize “value-added” plant-based products and wholesome snacks.
Nature’s Touch CEO John Tentomas said, “This acquisition is more than just a business transaction – it marks a deliberate step towards a future that is more integrated, innovative, and impactful.
“This acquisition puts us in the unique position of providing North American consumers with the most expansive network of freezing and distribution on the continent.”
In April, SunOpta unveiled a long-term goal to double its revenue, with a primary focus on plant-based beverages to drive its aspirations.
The company lowered its sales forecast for the year two months ago due to a disappointing second quarter. They cited factors such as customer attrition in the frozen fruit segment, a slower expansion of new business, and a weak performance in the category.
The group noted reduced volumes of frozen fruit attributed to declining retail consumption patterns, constraints on specific fruit varieties affecting blends, and the loss of foodservice volumes.
Joe Ennen, SunOpta’s CEO, said the deal with Nature’s Touch was “a major milestone in our portfolio optimisation efforts”. The company, he explained, is on “a multi-year transformation to becoming a leading manufacturer of value-add products in plant-based and healthy snack categories”.
Ennen added, “This transaction is significantly accretive to margins, results in a more capital-efficient business model, strengthens our balance sheet and ensures we are singularly focused on the most attractive growth opportunities.”
In conjunction with the deal announcement, SunOpta released preliminary third-quarter results. The company anticipated that total revenue from continuing operations would increase by approximately 6%, reaching around $152 million. Adjusted EBITDA from continuing operations for the third quarter of 2023 is projected to range between approximately $18.5 million to $19 million.
In a communication to clients, John Baumgartner, the Managing Director of Mizuho Securities USA, described the sale of frozen fruit assets as having achieved a “strong valuation,” with a multiple of 0.5 times the last 12 months’ sales and 9.4 times the EBITDA.
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