Dubai: Dubai-based JTG Holdings has bought out L Catterton Asia’s stake in the ‘Jones the Grocer’ restaurant chain to become the brand’s sole owner.
Jones the Grocer, which is known for its casual dining style, cheese room and gourmet retail, will utilise a tranche of new funding to accelerate the brand’s growth and identify strong franchise partners to grow worldwide.
It currently has 23 trading stores, a pipeline of 23 new sites scheduled to open across the region and has set a target of 200 new stores in five years.
“We are incredibly proud of the regional success of Jones the Grocer, particularly the tremendous resilience our diversified revenue streams have shown last year,” said Yunib Siddiqui, JTG Holdings Ltd & Jones the Grocer’s CEO and shareholder.
“The time’s right to expand into new and existing international markets,” he added.
Defying COVID
“There has been a staggering decline of over 50 per cent of seated diners worldwide and we’re fortunate to be continuing our expansion,” said Siddiqui. “Our brand has been tested over the years and there is no doubt about its longevity, versatility and scalability; we’re ripe for global growth in Europe, Asia Pacific and the GCC region.”
