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Bubba Gump Signs Franchise Agreement With Mubarak Al-Hassawi
Posted on 17 Apr 2007
Bubba Gump Shrimp Co. Secures Franchise Agreement with Mubarak Al-Hassawi Restaurant Development Group in a deal for 12 Middle East units worth $50-60 million in projected revenue
Bubba Gump Shrimp Co. Restaurants, Inc. recently signed a letter of intent to grant franchise rights to operate Bubba Gump restaurants with Mubarak Al-Hassawi Restaurant Development Group, a Middle-East-based, globally-renowned business organization.
The Letter provides that the franchisee would open a minimum of 12 restaurants over the next several years in key Middle East cities including Dubai, Kuwait City and in other Gulf countries.
The franchise agreement is expected to generate $50-60 million in systemwide revenue.
"We are excited to be associated with Mubarak Al-Hassawi Restaurant Development Group.
They are an important and strategic global partner with strong financial resources," said Scott Barnett, President and CEO of Bubba Gump Shrimp Co.
The Mubarak Al-Hassawi Restaurant Development Group is comprised of several international companies that specialize in hospitality, real estate and industrial manufacturing.
The company is well-known for its record of forward-thinking initiatives.
Today, the group continues its traditions and keen business foresight under the direction of its Board, including Ms. Fawzia Mubarak Al-Hassawi, President of Mubarak Al-Hassawi Restaurant Development Group.
"Bubba Gump Shrimp Co. has demonstrated financial success as a restaurant concept that translates well internationally and is recognized worldwide.
We look forward to introducing Bubba Gump Shrimp Co. to the Middle East," said Ms. Fawzia Mubarak Al-Hassawi of Mubarak Al-Hassawi Restaurant Development Group.
Catering to local markets, several Middle Eastern locations will offer regional cuisine options on the menu.
Restaurant interiors will adorn authentic "Forrest Gump" movie memorabilia and reflect the casual warm atmosphere for which Bubba Gump is well-known.
Currently, Bubba Gump Shrimp Co. is amidst an initiative to accelerate the company's growth.
The company is in the process of raising equity capital through Cowen & Company, LLC, for unit expansion and recently opened its Ft.Lauderdale, Fla.,restaurant.
Additional 2007 openings are planned for Puerto Vallarta, Mexico; Denver, Colo.; Gatlinburg, Tenn.; and Anaheim, Calif.
To date, the company has international restaurants in Bali, Indonesia; Cancun, Mexico; Hong Kong; Manila, Philippines; Osaka, Japan and two locations in Tokyo, Japan.
For more information on Bubba Gump Shrimp Co. and its 25 locations around the globe, visit www.bubbagump.com.
Source: Yahoo News
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