Tantalizers plans repackaged franchise programme, invites more franchisees

Tantalizers plc, one of Nigeria’s leading quick service restaurant chains, is coming out with a new and more attractive franchise package, and intends to welcome more franchisees.

Jaiye Oyedotun, chairman, Tantalizers, disclosed this to shareholders at the annual general meeting of the company held recently in Lagos. He said: “We are now set to roll out our repackaged franchise programme, which we believe is more profitable and hence should be more attractive to prospective franchisees,” and enjoined the shareholders to also benefit from this by becoming franchisees of the company.

Bosede Ayeni, managing director, Tantalizers, agreed with the shareholders at the meeting to engage in more aggressive marketing to boost profit and to give more to the less privileged in society as part of the company’s corporate social responsibility.

On the $7 million loan offer by the International Finance Corporation (IFC), Ayeni said that only $2.5 million had been received by the company, and that was just last month, saying “the company does not intend to collect the remaining $4.5 million from IFC. We intend to cancel the balance of the $4.5million because commitment fees are being paid on the $7 million, and we have just received $2.5.”

Only five properties of the company have been cleared as collateral by IFC, that the loan ties down the properties and Tantalizers would not be able to approach other lenders until the loan has been repaid, she said.

According to the management team, the company intends to set up smaller prefabricated outlets since the cost of setting up outlets is very high.

Oyedotun, the company chairman, said further that the portion of the loan released by IFC was being utilised for the brand repositioning. Currently, extensive renovation work is being carried out by the company. In almost all the cities where Tantalizers outlets are located the marked improvement in the ambience, internal and external look and convenience is already being attested to by customers. There is also plan to extend the renovation programme to the few remaining cities.

The chairman stressed that the process improvement and standardisation programme being carried out by the company is another way of ensuring quality of products and services. He reiterated the efforts of the company in ensuring consistency of products in all the outlets to the satisfaction of its customers.

Though the company’s revenue dropped by 9 percent to N4.2 billion in 2012, as a result of the harsh operation environment, Oyedotun stated that the management of the company was poised to ensure that the future performance was improved upon. The chairman remarked that with improved outlet ambience coupled with the strong and well accepted array of good quality products, the company was poised to improve its competitiveness

To Toluwa Oyetayo, the advert and promo manager, Tantalizers, the phased revamping exercise had been completed in Victoria Island, Tejuosho, Akoka and Lekki stores. The most recent addition is the store at Allen Avenue. The interiors of the stores now carry an attractive, cozy and exciting look, with additional arrays of delicacies in the menus.