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Tim Hortons signs franchise agreement with Cartesian Capital to expand to China

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  • OAKVILLE, Ont. — Tim Hortons has signed an agreement with a private equity firm to expand in China.

    Under the exclusive master franchise joint venture agreement announced Wednesday, Cartesian Capital Group will develop and open more than 1,500 Tim Hortons restaurants in China over the next 10 years.

    Financial terms of the agreement were not immediately available.

    Tim Hortons president Alex Macedo said the company’s two main priorities are building and strengthening the brand in Canada and expanding the brand to the rest of the world.

    “China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years,” Macedo said in a statement.

    “We have already seen Canada’s Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country.”

    Tim Hortons has more than 4,700 restaurants in Canada, the United States and around the world.

    In 2012, Cartesian Capital partnered with Tim Hortons parent company Restaurant Brands International and the Kurdoglu family to develop the Burger King brand in China.

    There are now more an 900 Burger King restaurants in China.

    “We are excited to expand our partnership with Restaurant Brands International to bring Tim Hortons to China,” Cartesian managing partner Peter Yu said in a statement.

    “Tim Hortons has a long, rich history of providing guests with quality food and premium coffee. We plan to expand that tradition to China, drawing on 20 years of experience building businesses in China and around the world.”

    In addition to Tim Hortons and Burger King, Restaurant Brands owns the Popeyes brand.

     

    Companies in this story: (TSX:QSR)

    The Canadian Press


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    National

    Freeland says Khashoggi killing still open; Trump says facts may never be known

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  • OTTAWA — Foreign Affairs Minister Chrystia Freeland says Canada will use the upcoming G20 summit in Argentina to push Saudi Arabia for answers in the murder of journalist Jamal Khashoggi.

    Freeland says Canada considers his murder to be very much an open case, a contrast to a statement by U.S. President Donald Trump earlier today that the facts surrounding Khashoggi’s death might just never be known.

    She expects the Khashoggi case to be an issue during the talks among leaders of the world’s 20 leading economies, and says Canada will push for a transparent international investigation

    The kingdom is a member of the G20, and the Saudi-owned television station Al-Arabiya says Saudi Crown Prince Mohammed bin Salman, the country’s defacto leader, will attend the summit.

    U.S. intelligence officials have concluded that bin Salman ordered the Oct. 2 killing of Khashoggi inside the Saudi consulate in Istanbul, Turkey.

    Trump says maybe bin Salman had knowledge of the killing, or maybe he didn’t, but regardless, Saudi Arabia remains a steadfast partner of the U.S. and has helped keep oil prices stable.

    The Canadian Press


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    Ride-hailing group says B.C. model looks a lot like expanded taxi industry

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  • VANCOUVER — A coalition of businesses and interest groups advocating for ride-hailing in British Columbia says legislation introduced yesterday will just create an expanded taxi industry, not the ride-hailing services that customers expect.

    Ian Tostenson of Ridesharing Now for BC says members are “bewildered” that the future of ride-hailing in the province remains uncertain and the government hasn’t committed to a start date for the service.

    Tostenson, who also represents the BC Restaurant and Food Services Association, says the coalition is especially concerned that the Passenger Transportation Board would have power to limit the number of drivers on the road, where they can drive, and also set rates.

    He says the organization was expecting to see legislation that more closely matched the customer-driven supply and demand model that exists in other jurisdictions.

    Tim Burr of ride-hailing company Lyft says the company sees legislation introduced Monday as a “procedural step forward” but the regulation and rule-making process will come next.

    He says the company is used to rolling up its sleeves to work with legislators and regulators in many jurisdictions and remains committed to working with the B.C. government to bring the service to the province.

    The Canadian Press


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