Noodle Box CEO talks about Wok in a Box acquisition
Ian Martin, CEO of Noodle Box, answers questions about the brand's recent move.
QSR Media: Can you tell us more about the acquisition?
Martin: We believe the Australian noodle restaurant market will benefit from a degree of industry rationalisation. Noodle Box being clearly the largest of the participants in the noodle QSR space in Australia with over 70 restaurants and Wok in a Box the second largest with 33 restaurants are in a prime position to drive this process and deliver an improved guest experience to our guests in improvement profitability for our franchise partners.
The acquisition was particularly attractive due to the fact the restaurant locations are complimentary with only 2 restaurants operating within similar trading zones. Wok in a Box business is almost solely a Western Australian and South Australian business while Noodle Box’s focus is on the Eastern Seaboard, predominantly Queensland and Victoria. Given the many underlying similarities the brands share, the acquisition brings significant economies of scale that will accrue to both the brand and out franchise partners.
QSR Media: How will the acquisition affect the structure of Wok in a Box? Noodle Box?
Martin: Given the underlying similarities it is expected the existing Noodle Box infrastructure will only require minor adjustments to embrace and support our new WIAB franchise partners. We expect that the majority of the Wok in a Box restaurants will join the Noodle Box brand over time, however this transition will be at the franchise partners’ discretion. Wok in a Box’s South Australian operations manager, Scott Armstrong, will remain with the business. The WIAB Franchise support centre will continue to operate in the short term with all support functions progressively migrating to a combined Noodle Box/WIAB Franchise Support Centre in Victoria by Q1 2016.
QSR Media: Can you tell us a little more about where both brands are strategically headed?
Martin: Both Noodle Box and Wok in a Box are successful well established brands in their respective markets with a loyal guest following. Our aim is to build on the strengths of both brings to deliver an improved guest experience for all Noodle Box and Wok in a Box guests. There are many complementary aspects to operating the two noodle brands. Both have strong messaging about healthier eating, Asian street food flavours and wok cooking. Both are influenced by the flavours of South East Asia. Both restaurant networks are committed to great guest service serving great food in a welcoming & relaxed environment.
QSR Media: What are you aiming to accomplish by the end of the year for both brands?
Martin: Our goal is to build a world class noodle based franchised restaurant chain. Our goal is to improve the guest experience and improve franchise partner success.
