Chanticleer Holdings, Inc. acquired the exclusive franchise rights to develop and operate Hooters restaurants in South Africa in 2008 and initially partnered with Shaw Holdings to operate and jointly own Hooters SA. At the end of Q3 2011, Chanticleer bought Shaw’s interest and now with it’s LP’s has a majority interest in the first 3 South African locations. Chanticleer formed a management company in South Africa that operates and manages all the South African restaurants. HOTR owns 80% of the management company and key management own the remaining 20%.
- Managing Director: Gordon Jestin, COO
- Darren Smith CA (SA), CFO
- Gordon Jestin is a proven and experienced operator and owner of restaurants, including all financial aspects of the business as well and day-to-day staff management and training. Mr. Jestin has been COO of Hooters South Africa since inception and is highly respected by HOA.
- Darren Smith joined Chanticleer Holdings on October 4, 2012. Darren has worked for UBAC Management and Business Advisory as a Senior Associate; VEXX Media as their Financial Director; and Grant Thornton Durban as a Senior Auditor and Audit Supervisor. Mr. Smith has expertise in leading the preparation of audited financial statements, drafting financial statements, designing systems of internal controls, and driving efficiency and productivity through supervision and monitoring of the financial team.
- Initially, for the first 3 restaurants, the restaurant LP’s were entitled to 80% of restaurant cash flow, until they have received a return of their capital and a pre-tax compounded return on that capital of 20%. After the LP achieves their return on capital, the LP will be entitled to 20% of the restaurant cash flow and the GP will be entitled to 80%. During the June Qtr of 2012, Chanticleer acquired majority interest of the LPs.
- New Restaurants (restaurant 4 onward), Chanticleer plans to 100% fund and own.