12/1/2018 – Vietnamese restaurants operator Red Wok Cuisine has on Thursday acquired Quan Ut Ut Co Ltd, the company that owns Quan Ut Ut Barbecue and BiaCraft restaurant chains.
This acquisition was made as part of Red Wok’s market expansion strategy which aims to boost the company’s competitive advantages.
It targets small-scale businesses operating between 4 to 10 restaurants and provides support to these restaurant chains through financial investment and management experience.
For Quan Ut Ut, Red Wok will also simultaneously support the restaurant chain in the matters of financial management consulting, human resources, IT, marketing, and market development.
Quan Ut Ut and BiaCraft restaurant chains have been present in Vietnam since 2014, and it currently has 4 branches in Ho Chi Minh City.
“Red Wok is a great partner to have on board,” said Tim Scott, the General Director of Quan Ut Ut Co, “Through this collaboration and by leveraging each company’s strengths, we look forward to innovatie growth, new perspectives, and challenge of the status quo.”
“We are excited about the opportunity to bring our American BBQ and Craft Beer concepts to an even wider audience,” Scott added.
Founded in 2006, Red Wok was formerly known as Wrap & Roll – one of the pioneers of authentic Vietnamese restaurant chain. In June 2017, the company officially changed its name to Red Wok Cuisine Joint Stock Company.
At present, Red Wok owns 3 Vietnamese F&B brands: Wrap & Roll, Cuon Viet, and Lau Bo Sai Gon Vivu with 25 locations nationally and 6 franchised restaurants in Singapore and Shanghai (China).
The company has previously received an investment from Mekong Capital Fund, in which it will use to bring the company’s financial potential to new heights as well as exploiting more of the intrinsic strength of a typical business representing Vietnamese Cuisine.
Tran Thi Lan Anh, the CEO of Red Wok said, “We decided to invest in Quan Ut Ut in the belief that they are the most popular barbecue and craft beer restaurant chains in Saigon and the strong potential they hold for developing nationwide.”
This investment is also part of Red Wok market expansion strategy from now to 2021 in order to become a Vietnamese cuisine Group owning most popular restaurant chains in Vietnam.
This news is published on Reuters.