Herfy gives EatRite franchise rights to open 50 branches in Nigeria

Logo of Herfy Food Services Co.

Herfy Food Services Co. signed today, Nov. 24, a franchise rights contract with EatRite Food Services to grant the latter the right to open 50 Herfy restaurant branches in Nigeria, the company said in a bourse filing.

Herfy plans to open five new branches per year over a period of 10 years.

The contract will extend for 10 years renewable, with a total value of $300,000 plus the annual franchise revenue and the opening fees for each restaurant.

The relevant financial impact will reflect on Herfy’s financial results as of Q4 2021, the statement said, adding that the contract included no related parties.

According to data compiled by Argaam, Herfy signed a non-binding memorandum of understanding (MoU) on Feb. 28, with EatRite Food Services to grant it the right to open 50 branches of Herfy restaurants in Nigeria over a period of 10 years at a rate of five branches yearly, starting from 2021.