Figaro eyes rebound in dine-in business

MANILA, Philippines — The Figaro Coffee Group (FCG), which is set to list on Jan. 24, sees a strong rebound in the food and beverage industry this year, especially  the dine-in business,  even as it expects delivery orders to remain strong as traffic gridlocks return.

As of Sept. 17, 2021, the group currently operates 52 Figaro coffee shops, 31 Angel’s Pizza outlets, five Tien Ma’s Taiwanese cuisine restaurants, one TFG Express outlet, and one Café Portofino outlet.

As part of its growth plan, FCG will continuously look to expand these brands.

For Angel’s Pizza, FCG will expand the brand outside Metro Manila.

“We are setting our sights more on the outskirts of Metro Manila such as Laguna, Bulacan, Pampanga, and others since many of our customers live in these areas and work in Metro Manila. It would be great to bring our products closer to their hometowns,” said FCG chief operating officer Michael Barret.

Barret said after opening Angel’s Pizza in  Cavite in 2018, they were very encouraged to see how customers enjoyed the products.

“Despite long wait times for pizza at times, many were willing to wait. We had not anticipated that kind of demand, but we are heart-warmed by it and have invested more to increase the speed and operations of our branches and maintain good quality. We then opened as well in Bacoor and General Trias, given the warm customer reception,” Barret said.

The Philippine Stock Exchange  approved FCG’s application for an initial public offering. FCG is offering up to one billion common shares, consisting of 930.2 million common shares, with an over-allotment option of up to 93 million common shares, to be issued and offered by way of a primary offer.

FCG plans to use proceeds from its IPO to fund its planned store openings and renovations; for the expansion of its commissary , debt repayment  and for IT infrastructure developments.

The company tapped Abacus Capital & Investment Corp., China Bank Capital Corp. and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners for FGC’s IPO.