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Red Wok invests in Quan Ut Ut chains

Released at: 14:04, 12/01/2018

Red Wok invests in Quan Ut Ut chains

Photo: Quan Ut Ut by Mekong Capital

Investment part of Red Wok's strategy of becoming a major player in restaurant chains in Vietnam.

by Linh San

The Red Wok Cuisine Joint Stock Company has announced an investment in the Quan Ut Ut Barbecue and Bia Craft restaurant chains  . This is part of Red Wok’s market expansion strategy, which includes conducting investments in small-scale businesses that have four to ten restaurants and providing support to restaurant chains in terms of management experience to boost its competitive advantages.

In addition to its financial investment, Red Wok will also support the restaurant chains in financial management consulting, human resources, IT, marketing, and market development. This will help provide greater competitive advantages for the Quan Ut Ut and Bia Craft chains in the future. The investment is also part of Red Wok’s market expansion strategy from now to 2021, to become the Vietnamese cuisine group with the most popular restaurant chains in the country.

“We have always been focusing on building brands based on understanding customer insights,” said Ms. Tran Thi Lan Anh, CEO of Red Wok Cuisine. “We decided to invest in Quan Ut Ut and Bia Craft in the belief that they are popular barbecue and craft beer restaurant chains in Ho Chi Minh City and hold strong potential for developing nationwide.”

The Quan Ut Ut Co., Ltd. is the current owner of the Quan Ut Ut Barbecue and  Bia Craft chains, which are popular among the city’s young. The concept of restaurants selling craft beer is an innovation in Vietnam, with beer brewed in microbreweries using traditional brewing procedures combined with diverse ingredients to create a distinctive taste. At Quan Ut Ut and Bia Craft restaurants, all dishes and craft beer are modified to suit the Vietnamese palate. Moreover, its designs are imbued with the liberal style seen on Ho Chi Minh City streets, bringing a comfortable feeling for customers.

“Red Wok is a great partner to have on board,” said Mr. Tim Scott, General Director of the Quan Ut Ut Co. “Through this collaboration and by leveraging each company’s strengths, we look forward to innovative growth, new perspectives, and challenging the status quo. We are excited about the opportunity to bring our American BBQ and craft beer concepts to an even wider audience.”

According to Mr. Chad Ovel, Partner at Mekong Capital, in 2017, Red Wok completed its transformation from a company with a single restaurant concept, Wrap and Roll, to a multi-concept restaurant group. “Red Wok has demonstrated that it can both successfully launch its own concepts and grow together with other restaurant entrepreneurs by providing them with growth capital and valuable coaching from proven and tested restaurant leadership veterans,” he said. “Red Wok is highly committed to the future growth of Quan Ut Ut and Bia Craft given the strong fit of these concepts with Vietnamese consumer preferences and the big vision of the company’s founders.” In 2016, Mekong Enterprise Fund III - managed by Mekong Capital, a private equity fund manager - invested $6.9 million in the Wrap and Roll Restaurant Joint Stock Company.

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