Jollibee, FCPL partner to bring Tiong Bahru Bakery, Common Man Coffee to PH

Homegrown fast-food giant Jollibee Foods Corporation (JFC) is forming a joint venture company with Singapore-based Food Collective Pte. Ltd. (FCPL) to bring and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.

The joint venture firm will be the franchisee of both brands in the country, JFC said in a disclosure to the Philippine Stock Exchange on Friday. 

"These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market," the company said.

JFC will own 60% of the joint venture, while FCPL will own the remaining 40%.

The company said the joint venture will have an authorized capital stock of P250 million and shall have its own management, with the company providing support.

"Completion of this transaction is subject to standard legal agreements and regulatory authority approval," JFC said.

The fast-food giant said the joint venture will initially open at least one Common Man Coffee Roasters this year.

FCPL is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., a wholly owned subsidiary of Titan Dining LP, in which JFC has a 90% participating interest. 

FCPL is incorporated in Singapore, and its primary activity is owning and operating lifestyle brands, including Tiong Bahru Bakery and Common Man Coffee Roasters. 

There are currently 16 Tiong Bahru Bakery and five Common Man Coffee Roasters outlets across Singapore and Malaysia.

JFC said Tiong Bahru Bakery is famous for being the "Home of the Handmade Croissants" and for its baked goods and coffee, with a commitment to producing high-quality food and coffee and celebrating traditional techniques and its local neighborhoods. 

Common Man Coffee Roasters, meanwhile, operates all-day dining restaurants in Singapore and Malaysia.

"We are excited to enter this joint venture with FCPL to own and operate the Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. These brands will be a strong addition to JFC’s foreign franchised brands and will allow JFC to capture an even greater opportunity and strengthen JFC’s position for further growth in the Philippine market," said JFC CEO Ernesto Tanmantiong.

JFC currently operates three foreign franchised brands in the Philippines, namely Burger King (127 stores), Panda Express (18 stores), and Yoshinoya (7 stores). 

These brands contribute 3% to JFC’s consolidated system-wide sales.  — VBL, GMA Integrated News