STRONG BRAND Jollibee says the two chains will strenghten its market position. —PHOTO FROM TIONG BAHRU WEBSITE
MANILA -Fast food billionaire Tony Tan Caktiong’s Jollibee Foods Corp. (JFC) plans to invest up to P250 million to expand the Tiong Bahru Bakery and Common Man Coffee Roasters chains in the Philippines.
In a statement on Friday, Jollibee said it will own 60 percent of the new domestic venture while Singapore-based Food Collective Pte. Ltd. (FCPL), controlled by Jollibee’s Titan Dining LP, will own the remaining 40 percent.
Tiong Bahru, a French-style bakery that makes “handmade” croissants and other breads and pastries, and Common Man Coffee have 16 outlets across Singapore and Malaysia.
Jollibee said Common Man Coffee will start its operation in the Philippines within the year.
“We are excited to enter this joint venture with FCPL to own and operate the Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines,” said Ernesto Tanmantiong, CEO of Jollibee.
Strong addition
“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,” he added. Jollibee currently operates three foreign franchised brands in the Philippines, namely Burger King (127 stores), Panda Express (18 stores) and Yoshinoya (7 stores). At the end of June 2023, the company had 6,617 stores worldwide.