Jollibee, the Philippines fast food group, plans to be one of the world’s five biggest operators by 2025, according to its President Ernesto Tanmantiong.
He told Bloomberg that targets could include other fast-food chains as well as restaurant brands such as Smashburger, which it already owns a 40% stake in.
However, when asked about reports that the group was seeking to acquire Pret a Manger, Tanmantiong would only say the company hasn’t made any bids in recent months.
Jollibee is on track to meet its goal of doubling profit in the five years through 2019, and Tanmantiong now wants it to be one of the five biggest restaurant chains by market capitalization globally. Its current market value is $5.2bn.
He told Bloomberg: “We are looking at the world arena. The acquisition of new businesses is part of our growth strategy and, over the last few years, we have been entertaining opportunities.”
Jollibee will open its first store in London next year.
