Jollibee Foods Corp (JFC) is to buy out its minority joint-venture partners in the private-equity firm that owns the Tim Ho Wan business, giving the Philippine company full control.
Jollibee Worldwide, which already owns 85 per cent of Titan Dining, will pay US$52.7 million for the remaining stake in the business which owns the brand and the company-owned stores.
JFC and Titan Dining established a joint venture in September last year to open a Tim Ho Wan restaurant in Shanghai and now plans to expand the network to 100 stores within four years.
“JFC aims to build as an important part of its portfolio a significant business serving Chinese cuisine in different parts of the world,” the company said in a statement.
Tim Ho Wan was founded by Mak Kwai Pui – previously of three Michelin starred Lung King Heen restaurant at Hong Kong’s Four Seasons Hotel – and partner Leung Fai Keung. The two chefs opened their first 20-seater top dim sum eatery in Mongkok in 2009.
Under private-equity ownership – and latterly JFC’s control – the chain has expanded to 53 restaurants across Asia.
The Jollibee Group opened their third Michelin-starred Tim Ho Wan branch in China on Sunday, July 11, in Shanghai’s Changning District, located at Nanfeng City Shopping Mall. The new store is located a few minutes away from the Shanghai Hongqiao International Airport.
Customers can expect the usual mainstays of the famous Hong Kong dimsum restaurant – their famous baked BBQ pork buns, rice rolls, pan-fried radish cake, noodles, and more. The branch, which can accommodate up to 126 customers, boasts two floors and an al fresco dining area.
The Jollibee Group plans to further expand within mainland China in the next four years with a target of 100 Tim Ho Wan branches. By September 2021, three more stores will be opening in Shanghai’s Hongkou, Jing’an, and Minhang Districts.
The first Tim Ho Wan branch in mainland China was launched in September 2020 at Shanghia’s Jing’an Kerry Center. Tim Ho Wan’s Hong Kong branch in Sham Shui Po has been awarded a Michelin for 11 consecutive years.
The Jollibee Group bought the master franchise holder of Tim Ho Wan in the Asia Pacific in 2018, entering into a joint venture agreement with the Tim Ho Wan Group to open restaurants in mainland China.
Filipino restaurant operator Jollibee Foods Corporation (JFC) has signed a joint venture agreement with Dim Sum to operate Tim Ho Wan restaurants in China.
JFC’s wholly-owned subsidiary Golden Plate will own 60 percent of the joint venture and Dim Sun will own the remaining 40 percent. The two companies have committed to invest US$13 million in the venture, of which up to US$7.8 million will be contributed by GPPL.
Tim Ho Wan is a dim sum restaurant chain that originated in Hong Kong in 2009 where its Sham Shui Po outlet at 9 Fuk Wing Street has been awarded one Michelin star since 2010.
A wholly-owned subsidiary of Titan Dining Holdings, Dim Sun already owns and operates Tim Ho Wan restaurants in Singapore.
Currently, JFC operates three Chinese restaurant brands including Chowking, Yonghe King and Hong Zhuang Yuan. The company said that the three brands combined account for close to 20 percent of its systemwide sales.
JFC operates 3238 restaurants across the Philippines, making it the largest restaurant operator in the country. Its brands include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King and Pho24
Overseas, JFC has 1451 restaurants across its brands Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Jollibee, Red Ribbon, Chowking, Highlands Coffee, Pho24, Hard Rock and Smashburger.
Earlier this year, it has acquired Los Angeles-based The Coffee Bean & Tea Leaf.
Dim sum restaurant brand Tim Ho Wan is launching its first Texas location at NewQuest Property’s Katy Grand development.
The new Katy store is the group’s fourth US location and is expected to open later this year or early 2020. The lease for the 5160sqft outlet has been signed, with plans to include a Zen garden, bringing total leasing of the first of two buildings for Phase 2 of the Katy Grand development to 100 percent.
Other tenants at the complex are to include 85°C Bakery & Cafe, Kura’s Revolving Sushi Bar and Kinokuniya Books.
Tim Ho Wan Singapore has opened its 11th outlet, at Punggol Waterway Point.
The new 94-seater restaurant coincides with a revamped menu for the eatery, featuring a “refined and upgraded” menu in a modern dining space.
Tim Ho Wan Singapore is operated by Titan Dining LP – the new master franchise holder in the Asia Pacific.
The new menu features a limited-edition promotion the Spring Beef Specials, featuring four new beef-centric dishes. There are also upgraded Cantonese classics such as Signature BBQ Pork Bun, Beef Brisket Noodles, Shrimp dumplings, Wonton noodle soup.
Jollibee Foods (JFC) announced yesterday that it would invest US$33.4 million (S$45 million or Php 1.74 billion) in a private equity fund that is set to acquire the master franchise of Tim Ho Wan in the Asia Pacific.
In a disclosure to the Philippine Stock Exchange, Jollibee said that it would account for 45 per cent of the total committed investments in Titan Dining LP, which is worth S$100 million.
According to Jollibee, Titan has a binding agreement to acquire 100 per cent of the Asia Pacific master franchise holder of the Tim Ho Wan brand, Tim Ho Wan Pte Ltd (THWPL) and its affiliate Dim Sum Pte Ltd, which owns and operates Tim Ho Wan stores in Singapore.
“Titan may eventually add other brands in the food service sector to its portfolio, with the objective to grow strong Asia-Pacific food service brands across multiple geographies and markets, and to bring strong global food service brands to Asia Pacific,” according to JFC.
JFC chairman Tony Tan Caktiong trusts that this investment will bring “very healthy financial returns” to Jollibee.
“Our long-term investment in Tim Ho Wan is in line with JFC’s mission to serve great-tasting food and spread the joy of eating to everyone,” he said.
The deal will combine Tim Ho Wan’s Michellin-starred barbecue pork buns with Jollibee’s stable of Chinese restaurants: Chowking in the Philippines, and Yonghe King and Hong Zhuang Yuan in China.
The trio of Chinese restaurants accounted for 23 percent of system-wide sales last year, said Jollibee.
Jollibee, the largest fast food company in the Philippines, has been on an acquisition and expansion spree overseas.
It recently secured US government’s approval for its acquisition of more shares in Colorado-based burger joint Smashburger.
It also opened its first European store in March, and a third outlet in Canada in April.
Due to aggressive store openings, Jollibee said that its net income rose 17.3% to 1.8 billion pesos (US$3.47 million) in the first quarter from a year ago as total sales rose 19.3% to 46 billion pesos.
Now, Jollibee has the option to acquire “substantial ownership” of the Tim Ho Wan master franchise in the Asia Pacific after the term of Titan Dining ends in 7 years.
It also said that it would operate as a Tim Ho Wan franchisee in Shanghai to prepare for that possibility.
Tim Ho Wan currently has franchisee in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia, and the Philippines; with an expansion development in the works in the Asia Pacific region.
Together, Tim Ho Wan and Dim Sum operate 40 restaurants in total, both company-owned and franchised stores.
Tim Ho Wan Cambodia has launched its first Hong Kong dim sum outlet at Aeon Mall Phnom Penh, drawing on the brand’s roots as the “world’s cheapest Michelin-starred restaurant”.
Its officially launch follows a five-day soft opening that attracted about 700 diners a day, according to Tim Ho Wan Cambodia GM Chum Phirun.
Starting as a hole-in-the-wall eatery in Hong Kong’s Mong Kok district in 2009, Tim Ho Wan earned a Michelin Star in 2010, being the least expensive restaurant on the planet at the time for the French dining guide.
With this reputation, the outlet soon became a chain, expanding to 45 locations in Asia, Australia and the US. Despite this success, the restaurant failed to catch on in Malaysia.
Openings in Singapore and New York attracted queues, with customers waiting up to three hours for a table. However, Phirun says few Cambodians are aware of the dim sum chain’s fame or the significance of a Michelin Guide rating.
“The income of Phnom Penh residents is growing rapidly, and many people are now seeking hygienic, high-quality food, so we want to educate them on the advantage of a Michelin-starred restaurant like Tim Ho Wan.”
While two Hong Kong branches of the chain have a Michelin Star, the 33-table restaurant in Phnom Penh does not. It serves 24 varieties of dim sum, and Phirun says there are plans to open two more branches in the city next year.
Founders Mak Kwai Pui and Leung Fai Keung were brought to the official launch by Tim Ho Wan Cambodia director Seak Guech.
Singapore’s Michelin-starred soya-sauce chicken rice-and-noodle stall Liao Fan may be going international.
Shooting to fame in July after being awarded a star by the Singapore Michelin Guide, the hawker stall says it is collaborating with brand manager Hersing Culinary on global expansion plans.
Hersing owns the Asia Pacific franchising rights to Hong Kong’s Michelin-starred dim sum eatery Tim Ho Wan.
But even as his business expands, Liao Fan owner Chan Hon Meng says his outlet at Chinatown Food Complex will stay. The 51-year-old’s business was one of two hawker stalls awarded a one-star rating by Michelin, the other being Hill Street Tai Hwa Pork Noodle in Crawford Lane.
Queues formed at Chan’s stall before it had even opened the day after its star was awarded, and he says he had since received offers from five companies to buy his recipe.
Chan says he wants to remain a partner even after selling the recipe, and has laid out three criteria for potential partners – an offer of at least $2 million as a “guaranteed co-operation fee” for the recipe and cooking expertise; the partner has the resources to expand the brand “all over the world”; and the company needs to ensure the taste of his soya-sauce chicken is replicated and standardised in all the outlets.
He says his ambition is to become the “No. 2 chicken eatery chain” after KFC. A key reason for his intention to expand overseas is the increase in the number of tourists visiting his stall since the award. He estimates they form about 90 per cent of his customers.
Famous Hong Kong dim sum restaurant Tim Ho Wan has opened its first Thailand eatery – in downtown Bangkok.
Tim Ho Wan Bangkok is located in the Terminal 21 shopping centre at Asoke. When it opened its doors this week it drew queues of hundreds of people eager to try the famous dim sum creations of founder Chef Mak.
Affectionately referred to as “the world’s cheapest Michelin-starred restaurant”, Tim Ho Wan Bangkok is offering meals it says are even cheaper than at its original branch.
The restaurant features a menu of 25 dim sum dishes, including the four most popular: baked bun with barbecue pork, pan fried radish cake, fluffy steamed egg cake and vermicelli roll with pig’s liver – all priced between 80 and 120 baht ($2.20 and $3.35).
Chef Mak opened the first Tim Ho Wan in Mongkok in 2009, a small eatery with just 30 seats located in a virtual back alley. It was later awarded a one star Michelin rating.
He launched the venture after turning his back on a career with a three star fine dining restaurant at the Four Seasons Hotel in Hong Kong called Lung King Heen.
