Ibersol Says BK Portugal Ends Burger King Development Contract
(Bloomberg) --
Ibersol SGPS SA said BK Portugal decided to terminate the Burger King brand development contract in Portugal, invoking the default of an obligation to open two restaurants and refurbish three others in 2021.
Burger King also ended talks to renegotiate the development contact, while it remains available to analyze proposals for the construction of new restaurants, Oporto-based Ibersol said in a regulatory filing. The development contract allowed the Portuguese company to build 27 new restaurants during 2022 and 2023.
Ibersol said there wasn't a proper assessment of the limitations faced by companies due to the pandemic, which led to “significant” delays in getting permits for projects. The two new restaurants and the refurbishments would be completed by April 30, according to Ibersol. The company said it will analyze the implications of the decision and take the necessary measures to protect its interests.
- Ibersol, which also runs other brands of restaurants, said the franchise agreements of the 119 Burger King restaurants it owns in Portugal are valid and that it will continue to operate them.
©2022 Bloomberg L.P.
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