Ping Pong, the London-based dim sum chain, has entered into a franchise agreement, which will see it further expand in the United Arab Emirates (UAE), with eight restaurants planned to open over the next eight years.
The group opened in Dubai three years ago under a joint venture with Al Khayyat Investments LLC (AKI).
It has now folded the joint venture structure and transferred the existing restaurant to and granted AKI franchise rights to grow the business in the UAE.
Field Fisher Waterhouse advised on the franchis restructuring.
Ping Pong’s Interim chief executive, Art Sagiryan said: “We are thrilled to have secured this partnership in the U.A.E and are incredibly grateful to Field Fisher Waterhouse LLP for their assistance. As Gordon Drakes rightly said, this deal marks the beginning of our development plans in the U.A.E. and makes an impressive addition to our international portfolio.”
Gordon Drakes, Field Fisher Waterhouse IP senior associate, said: “We are delighted to have had the opportunity to advise Ping Pong on this deal and help them strengthen their presence in this important market. This deal demonstrates Ping Pong’s growing international reputation and highlights our expertise in structuring and advising clients on their international expansion programmes.”
Earlier this year, the group placed three of its sites in London on the market through CBRE, including its Now takeaway site in Liverpool Street. It is thought that offers have been made on the three restaurant sites.
It will open a new site in Wembley’s Designer Outlet later this month.
