The investors behind Tahua Capital have been revealed as John Elliott and Roger Harper, owners of Hannahs and Number One Shoes. Elliott has said that while he and Harper ended up working in shoes, the investors in Tahua have almost 150 years of hospitality experience between them. Elliott and Harper will remain as silent investors in the chain, retaining their jobs in footwear, while Tahua CEO group Charles Belcher will take over day-to-day operations of the Starbucks business.
Belcher said that while Restaurant Brands didn’t see enough value in the brand, the local franchise "has a great future in New Zealand". Starbucks only accounted for 4 percent of Restaurant Brands’ total earnings, and the company had already started scaling back and focussing on what it thought to be more profitable ventures, such as expanding KFC in Australia and acquiring a Taco Bell in Hawaii.
Tahua Group, which was set up by investors specifically to buy the iconic coffee brand, says they intend to refurbish existing stores and build new ones, despite Restaurant Brands closing stores and admitting that the brand didn’t take off in New Zealand as well as they would have hoped. The transition will be complete next month, when Restaurant Brands’ agreement with Starbucks Coffee International expires. Restaurant Brands has agreed to provide stock management and technology services for up to a year following the handover.
