Burger King sold for $30m

Troubled fast food chain Burger King has been sold to Tahua Capital for $30.48 million. Burger King is the second fast food chain bought by Tahua after the investment group bought the New Zealand Starbucks franchise in 2018. Secured creditors, including some banks, were owed more than $50m, according to receiver Brendon Gibson’s report. The sale of Burger King New Zealand franchise in October followed a turbulent decade for the business. The franchise was owned by Antares Restaurant Group, which was bought by United States private equity firm Blackstone Group under the name of Tango Holdings in 2011 for $108m. Blackstone Group tried to sell the business in 2019 but was unable to find a suitable buyer. The burger franchise was put into receivership in April last year. A compromise deal with reached with Burger King’s secured creditors, allowing the company to continue trading. However, five Burger King restaurants closed as part of the deal.