Max’s Group Inc. (MGI) is set to expand its presence in China under a new deal to put up at least 10 Yellow Cab Pizza stores in Hunan Province over the next five years.
In a disclosure to the Philippine Stock Exchange on Thursday, the casual dining restaurant, said it has signed another development agreement, this time with Changsha New Yorker Catering Management Co. Ltd.
MGI’s initial foray into China covered Beijing, Tianjin and parts of Hebei Province.
“This is the second franchise contract secured in China within the span of a few months.
The strong interest in Yellow Cab Pizza reinforces our vision of growing the brand successfully all over the Chinese region,” said Robert Trota, Max’s Group president and chief executive officer.
To date, this is the third development agreement entered into by MGI so far this year which brought its international pipeline to 111 stores slated to open in the coming years.
Max’s Group earlier announced a plan to establish a network of 200 outlets overseas by 2020.
“We consider Changsha New Yorker Catering Management Co. Ltd. a suitable partner to serve our products in another key area in China. They possess the capabilities and business acumen to operate successfully,” Trota added.
Changsha New Yorker was established primarily to do business in the food and beverage industry.
“We are very excited about the cooperation with MGI and become the partner of Yellow Cab Pizza. When the first time we got to know Yellow Cab Pizza we are confident that Chinese customers will love it,” Felix Lee, director of the board for Changsha New Yorkers Catering Management Co. Ltd., said.
At present, Yellow Cab operates a network of 135 branches, including six franchised outlets in Qatar and one in UAE.