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Burger King goes into receivership

Burger King signage Photo: RNZ / Calvin Samuel

The owners of the Burger King franchise in New Zealand have been placed in receivership.

Receivers, KordaMentha, say the fast food chain, which has more than 80 outlets around the country, had been significantly affected by the COVID-19 lockdown.

Brendon Gibson, partner at KordaMentha, says it's seeking support from suppliers and landlords to restart the business when the lockdown is lifted.

"The ultimate aim of the receivership is to get the business restarted post-lockdown and then transition the business to a new owner through a sales process."

He says financiers and the master franchise operator support this process.

The parent companies in receivership are Tango Finance, Tango NZ and Antares NZ.

Work and Income data showed Antares NZ had received about $11.5 million from the government wage subsidy scheme.

No detail on the amounts owed by the parent companies or who put them into receivership was immediately available.

One of the country's biggest fast food operators, Restaurant Brands, which operates the KFC, Pizza Hut, Taco Bell and Carl's Junior Burgers chains, has received $21.8m in wage subsidies.

-RNZ

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4 Comments
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Cut, cut, cut.......

Posted on 16-04-2020 20:22 | By groutby

........cutting costs and quality seems to be the natural order of the day for many local companies to stay afloat, it seems to a race to be 1st to the bottom....perhaps this is another casualty of the NZ way.......

Really!!!

Posted on 15-04-2020 11:52 | By

Another business blaming Covid-19 for their financial troubles when they have been in strife for months.

Don't Worry

Posted on 15-04-2020 00:16 | By The Caveman

The brand will rise from the dead !! The current creditors will be kicked into touch with NOTHING !! And the " same business" will open again under a "new" legal business name - but the up front PUBLIC name will still be Burger King !!!!

golly gosh

Posted on 14-04-2020 20:51 | By old trucker

After 15yrs,there goes my No7 value meal.golly gosh,Thats it Sunlive Thankyou you are AWESOME,10-4,out.phew.