Figaro group to grow store network by 50% at end-2022 | Inquirer Business

Figaro group to grow store network by 50% at end-2022

/ 05:22 AM January 13, 2022

Using fresh ammunition from its ongoing initial public offering (IPO), restaurant chain operator Figaro Coffee Group (FCG) expects to end this year with about 150 stores across all brands, increasing further to 300 by end-2029.

Based on the company’s prospectus, FCG intends to disburse about a third of its P767.39-million IPO proceeds, assuming exercise of the overallotment option, to fund new stores and planned renovations in the next three years.


To support its growth strategy, about 54 percent of the proceeds will be used to increase the systemwide capacity of commissary operations. The plan is to put up satellite commissaries in key locations throughout the country and construct a major one, called Mayon 2, within this year and next.

One satellite commissary will be located in North Luzon and another in South Luzon. In the Visayas-Mindanao region, one will be constructed in Cebu and another in Davao. A satellite commissary is estimated to cost around P24 million.


The construction of Mayon 2 commissary, which will include a microlaboratory for research and product development, is estimated to cost around P255 million.

About 12 percent of the net proceeds will be used to fully settle short-term financial obligations to UnionBank and China Bank.

FCG is a group of retail restaurants with 99 branches nationwide and international territories. As of Nov. 10, the group is operating 55 Figaro coffee shops, 35 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, three TFG Express outlet and one Café Portofino outlet. For the expansion of company-owned stores for the next three years, the prospectus said Angel’s Pizza would focus on the National Capital Region, Bulacan, Laguna, Cavite, Pampanga and Batangas.

Figaro Coffee is seen to focus on viable locations in Metro Manila. Tien Ma’s and TFG Express will likewise focus on NCR.

FCG is offering up to Jan. 14 a total of 930.166 million primary common shares and an additional 93.02 million shares for the overallotment option at 75 centavos apiece. Inaugural trading will be on Jan. 24.

The IPO will bring FCG’s market capitalization to P6.4 billion.

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