Business
Famous Brands snaps up Mr Bigg’s
ABUJA – Quick-service and casual dining restaurant franchisor Famous Brands (FBR) has acquired a 49% stake in leading Nigerian brand Mr Bigg’s.
The company said on Monday it had reached agreement with UAC of Nigeria plc (UAC), a leading diversified conglomerate with operations in foods, paints, logistics and property, to acquire a 49% stake in its wholly owned UAC Restaurants.
UAC Restaurants manages the quick-service restaurant component of UAC’s business and houses the flagship Mr Bigg’s brand, the largest food franchise brand in Africa, north of the South African border, the company said.
Famous Brands did not disclose the value of the deal, but said it would be funded out of cash reserves.
The deal is effective from October 1 2013.
UAC Restaurants consists of 165 franchised restaurants across Nigeria, with 57 of them in Lagos and 14 in Abuja. Forty-five percent of the company’s franchised restaurants and 40% of its revenue is concentrated in Nigeria’s three key commercial centres. UAC Restaurants also has a small logistics and manufacturing component.
Famous Brands CEO Kevin Hedderwick said the acquisition boosted the group’s strategy to expand its presence in the broader African quick-service restaurant market.
“Whilst we have traded in Nigeria for the past 11 years through a combination of master license and franchise agreements, this transaction catapults us to a completely different level, enabling us to meaningfully expand our presence in this burgeoning, currently low consumption per capita organised food service market,” he said.
“It also underlines our ambitious and deliberate plans to grow our business outside SA. Trading in Africa is inevitably about being first to market and we believe this transaction represents a significant step-change through which we will further entrench our leadership position within the branded food service industry in Africa.”
Hedderwick said Mr Bigg’s had an extensive on-the-ground presence and huge loyal customer base demonstrated by the 100 000 consumers who visit the brand’s restaurants daily.
Mr Bigg’s trading format consists of quick-service restaurants at high foot-fall sites, and its products range from pastries and other snacks to burgers and hot meals.
About 25 000 pieces of chicken are sold in Mr Bigg’s restaurants daily while about 635-million meat pies have been sold by the brand since its inception.
“Our immediate goal is to bed down this joint venture and optimise on the evident success of the existing operation and its enormous potential within the Nigerian market,” Hedderwick said.
Famous Brands’ other brands include Steers, Wimpy, Debonairs Pizza, Mugg & Bean, FishAways, Milky Lane,
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
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In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
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The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Klaus Schwab, the founder of the World Economic Forum (WEF), announced his resignation from the board on Monday, marking a significant moment in the organization’s history.
Schwab, who has been at the helm of the WEF for over five decades, confirmed he was stepping down from his position as Chair and leaving the Board of Trustees with immediate effect.
“I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said, noting that the decision comes as he approaches his 88th year.
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His resignation follows his stepping down as executive chairman in 2024, when former Norwegian foreign minister Borge Brende took over the day-to-day operations.
In response, WEF appointed Vice Chairman Peter Brabeck-Letmathe as interim chairman while a search committee was formed to find a permanent successor.
The WEF board lauded Schwab’s immense contributions, acknowledging his “outstanding achievements” over his 55-year leadership tenure.
“At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical,” the WEF stated.
“Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration.”
Schwab, originally from Ravensburg, Germany, founded the precursor to the WEF, the European Management Forum, in 1971.
The first meeting drew fewer than 500 participants, but over the years, Schwab expanded the gathering into a prestigious platform that now attracts thousands of influential figures.
The Davos summit has become synonymous with global power brokers, offering opportunities for high-level networking, discussion, and collaboration on issues affecting the world.
Under Schwab’s leadership, the WEF grew to include regional meetings and established centers dedicated to pressing global topics such as cybersecurity, climate change, and financial systems.
The organization continues to uphold its mission of “improving the state of the world” by fostering dialogue and cooperation.
However, the WEF and Schwab have not been without their critics. Many argue that the forum has become a venue for corporate elites to exert influence over governments, with the term “Davos Man” often used to describe the affluent attendees.
Schwab has also faced the ire of conspiracy theorists, particularly following his promotion of the “Great Reset” following the COVID-19 pandemic.
These theorists have spread misinformation, alleging that Schwab and the WEF are part of a global elite aiming to control the world, with even Elon Musk weighing in on social media, claiming Schwab “wants to be emperor of Earth.”
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