MANILA, Philippines - Lorenzo-owned Pancake House Inc. said yesterday it held exploratory talks to acquire Yellow Cab, a quick-casual restaurant chain that specializes in New York-style pizzas.
However, “neither arrangements nor agreements had been made relating to an acquisition,” Pancake House said in a disclosure to the stock exchange.
Nevertheless, Pancake House said it remains on the lookout for opportunities in the casual dining segment where it believes there is great potential for sustainable financial growth.
Founded in 2001, Yellow Cab operates not only in the Philippines but in the United States, Guam, Malaysia and Qatar as well. It also operates a sister restaurant called Army Navy Burger Burrito, which specializes in hamburgers and burritos with a military motif.
“Yellow Cab is one of the many that Pancake House finds great interest in due to the strong brand it owns, the premium products it serves and its impeccable financial growth since inception,” Pancake House said.
Pancake House also continues to beef up its presence outside the Philippines. It has a branch in Malaysia and discussions are now ongoing to set up shop in Singapore.
Aside from its flagship store Pancake House, the group also owns and operates various other restaurant brands, namely Dencio’s, Teriyaki Boy, Singkit, Sizzlin’ Pepper Steak, Le Coeur De France and The Chicken Rice Shop. As of end-June this year, it had a total of 178 stores.