Quick-service restaurant chain Jollibee Foods Corp. has agreed to a joint venture with Food Collective Pte. Ltd. to own and operate Tiong Bahru Bakery and Common Man Coffee Roasters brands in the Philippines.
Jollibee will own 60 percent of the business with Singapore’s Food Collective owning the balance. Both committed to invest up to P250 million, with JFC leading in the management and operation of the business.
Food Collective is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., a wholly owned subsidiary of Titan Dining LP in which Jollibee has a 90 percent participating interest.
The company incorporated in Singapore as owner and operator of lifestyle brands that include Tiong Bahru Bakery and Common Man Coffee Roasters. Sixteen Tiong Bahru Bakery outlets and five Common Man Coffee Roasters operate across Singapore and Malaysia.
Tiong Bahru Bakery is famous for hand-made croissants and for high quality baked goods and coffee that celebrates traditional techniques and the local neighborhood.
Common Man Coffee Roasters, meanwhile, operates all-day dining restaurants in Singapore and Malaysia as a champion specialty coffee brand with the best all-day dining concept in Asia.
It also sells coffee products wholesale and operates a coffee barista academy.
“These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market,” Jollibee CEO Ernesto Tanmantiong said.
Jollibee operates three foreign franchised brands in the Philippines: namely Burger King, which has 127 stores; Panda Express, 18 stores and Yoshinoya, with seven stores. The brands contribute less than 3 percent to system wide sales.
Common Man Coffee Roasters is set to operate in the Philippines within the year.
