Singapore Myanmar Investco calls off Jones The Grocer franchise JV
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The planned Jones the Grocer Myanmar expansion has been cancelled.
Singaporean Myanmar Investco investment and management firm has called off a partnership with restaurant chain Jones the Grocer.
The company, which specialises in investments focused on the high-growth emerging economy of Myanmar, announced without further explanation that the crucial “initial development location” upon which the partnership was based was no longer available.
The joint venture company formed as part of the agreement with local operator Pinnacle Myanmar will be dissolved.
Jones the Grocer, a cafe and delicatessen concept, was founded in Sydney, Australia, in 1996. Now owned by JTG Holdings, of which LVMH-linked investment company L Capital Asia has a minority stake, it operates stores in Singapore, Thailand, Qatar, Bahrain and the UAE.
Questions & Answers
Q.What is the specific reason given for cancelling the Jones the Grocer Myanmar expansion?
What is the specific reason given for cancelling the Jones the Grocer Myanmar expansion?
The crucial initial development location upon which the partnership was based is no longer available. No further explanation for this issue was provided by Singapore Myanmar Investco.
Q.Which companies were involved in the now-cancelled joint venture for Jones the Grocer in Myanmar?
Which companies were involved in the now-cancelled joint venture for Jones the Grocer in Myanmar?
The joint venture involved Singapore Myanmar Investco, an investment and management firm, and local operator Pinnacle Myanmar. Jones the Grocer was the brand being franchised.
Q.Where does Jones the Grocer currently operate stores?
Where does Jones the Grocer currently operate stores?
Jones the Grocer currently operates stores in Singapore, Thailand, Qatar, Bahrain, and the UAE. It was founded in Sydney, Australia.
Q.Who owns Jones the Grocer now?
Who owns Jones the Grocer now?
Jones the Grocer is now owned by JTG Holdings. L Capital Asia, an investment company linked to LVMH, holds a minority stake in JTG Holdings.
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