MANILA, Philippines — Newly listed restaurant chain Figaro Coffee Group Inc. (FCG) is gearing up for expansion following its successful initial public offering which raised P767 million.
Justin Liu, chairman of FCG, said the company is optimistic the economy would “further improve this year with the alert levels coming down and vaccination drives by the government continuing with strength.
We look forward to people going about their daily lives outside gradually and in a safe manner.”
The company plans to open 29 Angel’s Pizza outlets, six The Figaro Group Express multi-brand outlets, five Figaro Coffee shops and one Tien Ma’s Taiwanese restaurant.
For the first quarter alone, FCG will open five Angel’s Pizza stores. These will be located in Lipa, Batangas, Hanston Building in Ortigas Center, Cebu City, Calamba, Laguna and in Avida Towers Cityflex, BGC.
“The opening of outlets in BGC and Ortigas Business District is part of our optimism that offices and the economy will come back. Furthermore, we see continued growth and strength outside Metro Manila, hence, our new stores in Lipa, Cebu and Laguna. We will continue to grow our outlets to reach our beloved customers and meet them where they are,” Liu said.
As of Jan. 21, FCG operates 109 stores – 56 Figaro coffee shops, 39 Angel’s Pizza outlets, six Tien Ma’s Taiwanese cuisine restaurants, seven TFG Express outlets and 1 Café Portofino outlet.
FCG has one subsidiary, Figaro Coffee Systems, which operates its network of retail restaurants.