Brazil Fast Food Corp. (NASDAQ SmallCap: BOBS), the second largest fast-food chain operator in Brazil, today announced that it has reached an agreement with a franchising partner to open at least 30 Bob’s restaurants in Portugal over the next 10 years.
These will be the chain’s first restaurants to be opened outside of Brazil.
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Peter van Voorst Vader, president and CEO of Brazil Fast Food Corp., commented, “After reviewing a number of proposals this year to introduce Bob’s into Portugal’s fast food market, we have reached an agreement with a franchising partner who we believe is perfectly suited for this venture. In fact, Carlos Baisch, the representative of our new partner in Portugal, is our former director of franchising.
“Our decision to expand into Portugal was based not only on our confidence in this new partner, but also on the fact that Brazil and Portugal share the same language. However, this agreement will not preclude us from pursuing other expansion opportunities within Latin America. In addition, we plan to continue increasing our presence in Brazil by opening 40 new restaurants in 2001, both in new markets, such as Belo Horizonte and Curitiba, and existing markets, such as Sao Paulo,” stated van Voorst Vader.
Brazil Fast Food currently has more than 216 restaurant locations in its chain. Brazil Fast Food Corp., through its wholly owned subsidiary, Venbo Comercio de Alimentos Ltda., a limited liability company that conducts business under the trade name “Bob’s,” owns and operates (both directly and through franchisees) the second largest chain of hamburger fast food restaurants in Brazil. Last year, nearly 30 million people in 21 states of Brazil enjoyed a meal at Bob’s. More information on the Company is available on its Web site at www.bobs.com.br.
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By GlobalData
