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| Saturday, 14 November 2015, 09:07 HKT/SGT | |
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| Aiming to Promote Local Food Street Culture and Diversify Catering Business Portfolio |
HONG KONG, Nov 14, 2015 - (ACN Newswire) - Food Idea Holdings Limited ("Food Idea" or the "Group"; Stock Code: 8179) is pleased to announced that Food Idea Group Limited, a wholly-owned subsidiary of the Group, entered into the Memorandum of Understanding ("MOU") with the founder of "Block 18 Doggie's noodles" (the "Vendor"). The Group plans to eventually acquire the exclusive PRC trademark right and the exclusive PRC franchise right of "Block 18 Doggie's noodles". Both parties aim at procuring the cooperation in business expansion into the Mainland China market to promote the traditional Hong Kong street food culture and further diversify the catering business of the Group.
"Block 18 Doggie's noodles" is currently operating five restaurants in Hong Kong serving traditional local delicacies with "Famous Doggie's noodles" and "Imitation Shark's Fin Soup with Roast Duck Drumstick" as its signature dishes. In addition, it is recently recommended in the Michelin Guide: Hong Kong & Macau 2016 under the "street food" category.
Pursuant to the terms of the MOU, the Vendor will register the trade name of "Block 18 Doggie's noodles" in the prescribed form in Hong Kong and in the PRC and apply the trademark to the restaurants currently operating under the trade name of "Block 18 Doggie's noodles" in Hong Kong; and enter into an exclusive license agreement with a target wholly foreign-owned enterprise, to grant the exclusive PRC trademark right and the PRC franchise right for a term of 40 years. Food Idea intends to expand its sales channel in seven provinces in the PRC, namely Beijing, Shanghai, Zhejiang, Fujian, Chongqing, Jiangxi and Guangdong, under the trade name of "Block 18 Doggie's noodles".
Food Idea Enters into MOU with Founder of "Block 18 Doggie's Noodles" 13 Nov 2015
Mr. Wong Kwan Mo, Chairman of Food Idea said, "Following the expansion into the mainland market with "Lucky Dessert", this acquisition is another significant strategic layout of the Group. In view of the enormous opportunities in the catering market of Mainland China, we will leverage the Group's extensive business experience together with the secret recipe and operating philosophy of "Block 18 Doggie's noodles" to offer Mainland consumers with the unique experience of Hong Kong taste from the traditional local delicacies."
"Food Idea has been exploring new businesses and identifying new growth points based on the solid foundation of experiences gained from traditional Chinese catering. We uphold the unique vision of 'Consolidate the core business and explore with bold innovations' which itself is our competitive edge. Looking ahead, we will continue to pursue the concept of business diversification and expand the catering business portfolio constantly in the Mainland China in order to boost market shares and strengthen our market position whilst strive to maintain growth momentum and deliver a more brilliant performance."
About Food Idea Holdings Limited
Listed on the GEM Board of the Hong Kong Stock Exchange in July 2011, Food Idea Holdings Limited (formerly known as Gayety Holdings Limited) is a fast growing diversified chain restaurant group. The Group is principally engaged in catering services in Hong Kong and the PRC; productions, sales and distribution of food products to supermarket chains in Hong Kong, investments in securities and money lending business. The restaurant brands operated by Food Idea, which include Red Seasons, Plentiful Delight Banquet and Red Royalty Banquet, enjoy a good reputation in offering quality Chinese food at affordable prices as well as integrated wedding banquets and dining services to customers. The Group strives to expand its dessert business development in the PRC market under the trademark of "Lucky Dessert". Please visit www.gayety.com.hk for more information.
Contact: One PR Limited
Tel: +852 2592 8380 / Email: inquiry@onepr.com.hk
Contact:
One PR Limited
Tel: +852 2592 8380 / Email: inquiry@onepr.com.hk
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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