Starboard Value acquires stake in Bloomin’ Brands
Bloomin' Brands owns casual dining restaurant brands such as Outback, Carrabba's, Fleming's Prime and Bonefish Grill.
21 August 2023
21 August 2023
Bloomin' Brands owns casual dining restaurant brands such as Outback, Carrabba's, Fleming's Prime and Bonefish Grill.
The plan follows the acquisition of exclusive rights to develop and sub-franchise the brand in March this year.
Covering 4000ft² of area, the new outlet will have capacity to accommodate 96 guests.
The new addition includes three items featuring 16-hour pit-smoked pulled beef brisket and smoky honey chipotle BBQ sauce.
The company’s total revenues increased to $1.04bn from $887.9m a year ago.
The restaurant brand will be rolling out its 16oz Pumpkin Pie Shake across all its stores from 5 September 2023.
The hot chicken restaurant chain has set a target to open 200 restaurants across the US by 2027.
The new restaurant location at Walden Galleria will be offering the brand’s signature shawarma creations.
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Per GlobalData, the foodservice profit sector in the UK was valued at GBP72.6 billion in 2022, and is estimated to grow at a CAGR of >8% by 2027. Pub, club & bar was the largest channel in the UK foodservice profit sector in 2022 by market value, while QSR was the second-largest channel, followed by FSR. Changing preferences, trustworthiness, product alignment with their time and money constraints, and service quality are some of the key trends in the foodservice market in the UK.
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