The US owners of Burger King are on the hunt for a fresh face to take over the New Zealand franchise. Craigs Investment Partners has been mandated to sell the business on behalf of American private equity firm Blackstone, and will be sold via an auction run by Deutsche Craigs.
A flier sent to prospective buyers played on the durability of the brand and the potential for a new owner in Australia.
Blackstone paid $108 million for the franchise in 2011, including 75 restaurants. It now owns 83 of the 85 Burger King restaurants in New Zealand.
Burger King has not been without its struggles recently. In August last year, it was banned from hiring migrant workers, which will extend into July this year. It was also ordered to pay $3500 for failing to pay an employee minimum wage while she trained as a manager. Ongoing strikes last year saw picketing for better pay and working conditions – Burger King staff are among the lowest-paid fast food workers in the country – and saw negations between the operators and the union break down for weeks.