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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.
ROBERT KITCHIN/Stuff
Burger King has been sold for $30.5m million, leaving secured creditors out of pocket. A compromise deal with reached with Burger King’s secured creditors, allowing the company to continue trading. However, five Burger King restaurants – Lambton Quay, Courtenay Place in Wellington, and Queen St, Takapuna and West City in Auckland – closed as part of the deal.
However, Starbucks struggled to compete with the established coffee culture and, by the time the licence was sold to Tahua Capital, the chain had shrunk to 22 cafes. There were now 24 Starbucks. Tahua Capital chief executive Charles Belcher said the company was “cautiously looking at growth post Covid-19 and when the right opportunity comes up then we are going to go for it”. The Queen St cafe had been revamped, with a street front and a cinterior design featuring a new coffee bar, hand-painted artwork featuring the siren, and blues and greens inspired by the coast. Belcher said every cafe had been remodelled with a bespoke design that reflected their communities.