The owner of the Esquires Coffee houses, NZAX-listed Cooks Global Foods, have acquired the Canadian intellectual property rights associated with the Esquires brand.
The deal means Cooks Global Foods now holds the worldwide franchising rights for Esquires, excluding New Zealand and Australia.
The Canadian rights will be purchased for CAN $225,000 (NZ$ 234.400) from Esquires Coffee Houses, Inc. of Canada, the company said in a statement to the NZX today.
Cooks will license the rights to use the Esquires brand back to Esquires Canada, which operates nine existing stores in British Columbia.
AdvertisementAdvertise with NZME.
The strategic objective for Cooks is to expand into Canada on its own account, building a presence across that market, including in new states and territories.
The acquisition is expected to be finalised in early April after the legal documentation is signed off.
Last month, CGF announced it had signed a franchise deal bring the coffee chain to Oman and Qatar.