China's Hony Capital poised to enter the UK market
It will kick-off its expansion with the launch of one of its Chinese cuisine outlet brands in London by the end of year, according to Reuters.
"When we were working on the takeover of PizzaExpress in Britain, we struggled to find a nice Chinese restaurant at the time. Given the large Chinese population residing there and lack of authentic Chinese food chains, it's a huge opportunity for us," said Managing Director Bruce Wang.
“Hong Kong-based Best Food, which currently has over 150 stores in mainland China, will open new outlets of its Beijing Hehegu fast food chain in London's business districts with a localised menu that should also be palatable for Western customers”, he added.
Wang said Best Food will try to source more than 50 percent of its ingredients locally and continue to team up with large Chinese suppliers to ensure food safety.
Hony's founder John Zhao said that the private equity firm would continue to scout for acquisition targets abroad - including in the United States - to further its expansion, while looking for investment targets closer to home.
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Photo credit: 2048 Chinese Cuisine
