GVA NI NEGOTIATES YANGTZE ACQUISITON ON BEHALF OF CHOPSTIX
The Chopstix Group, which owns and operates the eponymous 75 strong noodle bar chain, has made its first acquisition with the help of local property advisory firm, GVA NI. The deal, backed by Metro Bank, was negotiated by GVA NI on behalf of Chopstix Group and involved the purchase of the popular Yangtze chain of restaurants from The Wok Ltd for an undisclosed sum.
With similar values of offering a range of high-quality, convenient and healthy dining options for the general public, the procurement of the Yangtze chain gives the Chopstix Group a second premium brand to sit alongside their accessible Oriental Chopstix chain, which is one of the country’s fastest growing “food to go” brands.
Launched in 2006, Yangtze currently operates nine eateries located in a number of shopping centres across the UK and Ireland, four of which are based locally in Castlecourt Shopping Centres and Connswater Shopping Centre, Belfast, AbbeyCentre Shopping Centre, Newtownabbey and Foyleside, Derry, Co. Londonderry.
Liam McAuley, Associate Director, GVA NI said, “We have been working closely with Chopstix for a number of years, and last year helped the brand secure its 5th Northern Ireland location at Fairhill Shopping Centre, Ballymena. Our role within this particular acquisition was to ensure a cost-effective and beneficial deal for both parties and we look forward to helping the Chopstix Group expand their network further within the UK and Ireland.”
The Chopstix Group, founded in 2001, operates 75 noodle restaurants across the UK and Ireland and has enjoyed continued growth in recent years as the demand for convenient, fresh and healthier food increases.
Commenting on the acquisition, CG Director Sam Elia said, “We have been keen to extend our restaurant interests in the ‘food to go’ sector for a number of years, however, were prepared to wait until the right proposition presented itself. With this acquisition, we are pleased to add a second premium brand to our portfolio, and fully intend to maximise the potential of both Chopstix and Yangtze in the months and years ahead.”
CG Co-Director Menashe Sadik added, “Now that our first acquisition has been concluded, there is a real appetite and desire to consider future activity. We are already assessing a number of potential deals, and whilst Chopstix and Yangtze share an obvious affinity, we are not inclined to limit ourselves exclusively to the Oriental influenced sector, as we seek to achieve the Group’s acquisition and growth ambitions.”
For further information on GVA NI’s existing and forthcoming commercial property projects, visit www.gvani.co.uk.