Burger Fuel Group Limited (BFG) Market Update
Friday 25th March 2022
BURGER FUEL GROUP LIMITED (BFG) MARKET UPDATE
BurgerFuel New Zealand
Burger Fuel Group Limited (BFG) has advised that given the highly contagious Omicron
variant remains widespread, it is experiencing some short-term, temporary store closures
within the franchise system. This is due to the requirements for some staff to self-isolate,
either as close contacts or infected individuals.
In the past 4 weeks several BurgerFuel outlets have closed for relatively short periods of
time. The Company anticipates more temporary closures over the coming weeks and
perhaps longer, dependent upon the ongoing impact of Omicron.
BurgerFuel Middle East
Burger Fuel Group Limited (BFG) has today announced that its United Arab Emirates Master
License holder AKI Group, will cease operating the BurgerFuel brand in the UAE by 1 April
2022.
BFG has previously stated that the last 2 years under Covid-19 conditions had been
extremely difficult in Dubai and although visitor numbers were now picking up, AKI group
have made the decision to largely exit the food and beverage sector.
There are currently only 4 BurgerFuel restaurants operating in the UAE under a Master
License Agreement. These stores will close by 1 April 2022. BFG earnings from the Middle
East have been diminishing for some years, but particularly since the arrival of Covid-19.
The Company is currently assessing all options for the UAE region and will update the
market in due course should any new developments be finalised.
BFG stated that it would not be making any further announcements regarding temporary
store closures and the day-to-day impact of Omicron on the business, within New Zealand
or the Middle East markets, unless it regarded developments as significant and material.
END
Mark Piet
Company Secretary
Burger Fuel Group Limited
Mark.Piet@Burgerfuel.com
T: +64 21 453 333
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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