The owners of the Starbucks franchise in New Zealand will take over Burger King, after the fast food chain's parent companies were placed into receivership earlier this year.
Photo: RNZ / Calvin Samuel
In April, the owners of the Burger King franchise, Tango Finance, Tango NZ and Antares NZ - were put into receivership owing more than $65 million.
The operating company which runs the outlets, Antares Restaurant Group Limited, was not part of that receivership.
The receivers announced today that Tahua Partners - which owned Starbucks - would purchase Antares Restaurant Group.
Calibre Partners receiver Brendon Gibson said settlement was expected by the end of the month.
"This is an excellent outcome for the business, staff, landlords, suppliers and loyal Burger King guests and we would like to take the opportunity to thank all of those stakeholders for their support through what has been an unsettling last six months."
"Securing a going concern sale in the current environment is testament to the drive and commitment of Antares' management team and all its employees," he said.
Burger King in New Zealand employed over 1800 staff across 78 restaurants.