Saudi's Herfy concludes deal with EatRite to open branches in Nigeria

The agreement holds a duration of 10 years from the date of signing the contract on 24 November 2021

  
As well as charging high commission fees, food aggregators also hold onto valuable customer data, making it difficult for restaurants to market directly to customers. Image used for illustrative purpose.

As well as charging high commission fees, food aggregators also hold onto valuable customer data, making it difficult for restaurants to market directly to customers. Image used for illustrative purpose.

Getty Images/Alexander Spatari
Riyadh – Herfy food Services Company signed a contract with EatRite Food Services Company for the commercial franchise rights to open 50 Herfy restaurants in Nigeria.

The agreement holds a duration of 10 years from the date of signing the contract on 24 November 2021, according to a bourse filing on Wednesday.

The contract value is $300,000 in addition to the annual franchise revenue and opening fees of the facilities. Herfy plans to launch five restaurants every year.

The listed Saudi company is expected to witness a positive financial impact on the income statements of the fourth quarter (Q4) of 2021.

Herfy previously extended its non-binding memorandum of understanding (MoU) with EatRite, after it had announced its plans to expand to Nigeria last March.

Source: Mubasher

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