Burger King New Zealand sells for $30m to Tahua Capital, owes millions in debt

Burger King New Zealand sells for $30m to Tahua Capital, owes millions in debt

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Burger King New Zealand has sold its fast-food chain to Tahua Capital for around $30.48m.

The New Zealand franchise was sold during October last year after hopes were made to complete a transaction subsequently when lockdown had lifted.

It was put into receivership in April due to piling amounts of debt over the Coronavirus Pandemic.

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According to the Companies Office, at least $50m was owed when lodge documents showed the association with Rabobank, ASB and ANZ.

The franchise had come to an agreement to share half of its sale proceeds of up to $30m if a sale would occur.

The company was allowed to continue trading following a trade-off deal that had been reached with creditors.

Separate creditors were owed around $11.8m, and this included monthly rent gauges of $1.7m.

During that time five restaurants closed. They’d closed down on Queen St, Takapuna and West City in Auckland, including Wellington’s Lambton Quay and Courtenay Place.

Expanding its history and going back, Burger King New Zealand has been put up for sale many times.

Of recent Blackstone Group attempted to sell the business in 2019 but had no suitable buyer. They were originally owned by Antares Restaurant Group, purchased by a private American equity firm under the name of Tango Holdings in 2011 for a whopping price of $108m.

Image: Shutterstock

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