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.
Getty Images/Alexander Spatari
By Staff Writer, Mubasher
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.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW