Quick service restaurant (QSR) franchise, Noodle Box has purchased its rival and Australia’s second largest noodle based restaurant chain, Wok in a Box.
Settlement of the sale is due on October 12, and will boost Noodle Box stores to 1000 nationally.
Wok in a Box which operates 32 franchise restaurants predominantly, in Western Australia and South Australia, is a “near perfect strategic fit as Noodle Box moves towards becoming a world class franchise restaurant chain,” according to Noodle Box CEO, Ian Martin.
“The acquisition is a continuing part of our strategy to expand our brand reach more widely across the country as we continue to provide authentic, high quality and healthy noodle-based meals served by well trained and friendly team members in an inviting and relaxed environment.”
Mr Martin says the noodle-based QSR sector in Australia is ready for consolidation, and Noodle Box is well placed to capitalise upon opportunities.
The Wok in a Box acquisition follows Noodle Box’s signing a master franchise agreement with Himmah Foods Company to open 65 restaurants over the next five years in the Middle East, and the signing of an MOU to enter the Indian market.
The first three restaurants in the Middle East are now trading, with a further two under construction.