To be a global operator of multiple food brands with
the objective of providing 100% satisfaction to all stakeholders
  • Overview of
  • Sector Overview
    and Competition
  • Performance Highlights
    and Development Plans

Through its subsidiary, Minor Food Group Pcl., MINT has one of the largest quick service restaurant operations in Asia, with over 2,000 restaurant outlets in Thailand, the Middle East, Asia and Australia. As the first to introduce international-style pizza to Thailand in the early 1980's, Minor Food has always been recognized as an innovator and pioneer in the Asian food services sector, with a passion for developing its restaurants into market leaders. Today, the restaurant brands include:

Quick Service Restaurant Portfolio

  1. The Pizza Company
    When it opened in 2001, The Pizza Company was quickly recognized as a one of the pioneers in the Asian food service industry. It introduced a fresh and innovative approach to pizza by offering customers over 20 different delicious toppings that are richer and zestier than the competitor's, together with a selection of great-tasting cheese blends and inviting appetizers to enhance the total pizza experience. From the first day that it opened, The Pizza Company has been the market leader in the dine-in, delivery and take-away businesses, with its delicious food and attentive service consistently being recognized by diners as the very best in the market. Not one to rest on its laurels, The Pizza Company has continued its commitment to customer satisfaction by introducing new innovations, and in 2004 began to expand its franchise internationally. Today it is well on its way to becoming one of Asia's best known pizza brands.
  1. The Coffee Club
    From a single store, which opened in November 1989 at Brisbane's Eagle Street Pier, to more than 400 outlets across Australia, New Zealand, Maldives, China, Thailand, Indonesia and United Arab Emirates, The Coffee Club has established itself as an iconic household name and preferred venue for millions of coffee drinkers throughout the Asia Pacific region. The idea was to create more than just a place where people could meet for coffee; it aimed to provide a relaxed meeting place that is casual but sophisticated, stylish yet affordable. With over 6,000 employees serving more than 40 million cups of coffees annually, The Coffee Club is Australia's largest home-grown café group, and is widely known for its good food, great service, and excellent coffee. The Coffee Club offers three types of dining experiences: a fully-licensed, extended-hour café bar/restaurant with full table service and an extended menu that includes chef's choice options; a Club Store, which is typically located in high-pedestrian areas that focuses on light meals and snacks with counter service; and The Kiosk, a counter service shopping centre option. Today, Minor Food holds 70% stake in the company, fueling its international growth.
  1. VGC Food Group
    owns three retail food brands, namely (1) Veneziano Coffee Roasters and (2) Coffee Hit. Veneziano is a leading specialty roasting house supplying over 500 tons of freshly roasted coffee annually. Coffee Hit is a specialty coffee franchise system offering an enhanced retail coffee experience to customers via beverage and whole-bean trade.
  1. Thai Express
    Established in 2002 in Singapore, Thai Express is one of the world's largest modern Thai restaurant chains. The concept is inspired by the needs of customers who want to enjoy authentic Thai cuisine at reasonable prices in a relaxed yet contemporary environment with no strict rules on decorum. At present, Minor Food holds 100% stake in Thai Express, which has since expanded to six other countries in Asia. In addition to its leading Thai Express brand, Thai Express also operates Hong Kong concept restaurant Xin Wang Hong Kong Café, French concept restaurant Poulet, and other brands.
  1. Riverside
    Established in 2005, Beijing Riverside & Courtyard (“Riverside”) is a distinctive chain of casual-concept restaurants in China, specializing in Sichuan barbecue fish. It has built up strong brand equity and customer loyalty for traditional sizzling fish dishes, combining countryside cooking with well-groomed service and contemporary decoration. With its popularity, it has expanded its restaurants rapidly across Beijing and Shanghai.
  1. BreadTalk
    BreadTalk has brought about a renaissance in the bread business, with multiple awards testifying to its branding and business successes. Each BreadTalk bears the urban, clear glass, clean cut look punctuated subtly with detailing of contrasting colours of artworks, unique to each locale.
  1. Swensen's
    In 1986, Minor Food took on the franchise for Swensen's, the beloved ice cream parlor established in San Francisco in 1948, and developed it into Thailand's largest premium ice cream brand. Under Minor Food's direction, the Swensen's brand has evolved from simple scoops to a variety of sundaes, and today it provides consumers all over Asia with an ice cream experience no other brand can provide. Minor Food acquired the master franchise rights to 32 countries across the Middle East and Asia, with the first launch of the international franchise in 2004.
  1. Dairy Queen
    Minor Food opened the first Dairy Queen in Thailand in 1996. Dairy Queen is famous for their soft-serve ice cream distributed through kiosks in shopping malls and modern trade outlets throughout Thailand. Minor Food started to franchise the Dairy Queen brand in Thailand in 2011.
  1. Sizzler
    First opened in Thailand in 1992, Sizzler offers a self-service salad bar that few can copy, and a wide range of grilled dishes including steak, seafood, chicken, ribs, combination meals and burgers. In addition to Thailand, Minor Food has a 50:50 joint venture with Sizzler's parent company to license the concept on a long-term basis in China.
  1. Burger King
    Minor Food is the master franchisee of global burger brand Burger King in Thailand, Maldives and Myanmar.
  1. Benihana
    Established in 1964, Benihana is a leading Japanese-inspired teppanyaki restaurant chain with headquarter in the UK. Benihana pioneered the communal dining concept, combining dazzling performance and teppanyaki cooking of freshest ingredients in front of diners.
  1. SSP
    Minor Food has a joint venture with SSP International, the Food Travel Experts with over 60 years of experience, to operate restaurants in airports in Thailand under Minor Food, as well as various other external brands.

Dairy Product Manufacturing

To ensure the availability and reliability of its key raw materials, Minor Food has two manufacturing plants which produce high quality, specialized cheeses and ice cream for Thai and international markets. Minor Dairy Limited and Minor Cheese Limited were founded in 1991 with manufacturing facilities in Nakornratchasima province.

  • Minor Dairy Limited
    MDL produces a variety of premium ice cream products and toppings for food brands under Minor Food such as Swensen's, Dairy Queen and Burger King, as well as supplying the same quality ingredients to leading customers outside the group.
  • Minor Cheese Limited
    MCL produces a wide range of cheeses and cheese blends including mozzarella, cheddar, string cheese, Parmesan, mascarpone, cream cheese and sour cream. MCL is not only a key supplier to various restaurant operations of its parent, Minor Food, but is also a major supplier to companies in the Thai and regional food services sector.
Extract from Annual Report 2017

Minor Food today operates across four main markets: Thailand, Australia, China and Singapore. The following are our views on these key markets.


In the first half of 2017, consumer confidence index (CCI) trend showed a mixed sign, with an increase in the first quarter, but a decline in the second quarter. In the second half of the year, the University of the Thai Chamber of Commerce (UTCC) reported an increasing trend of the CCI, attributable to the recovery of exports and tourism, together with the government subsidies in an effort to improve the economy and the stability of the political environment. In any case, the CCI has not fully recovered as consumers still have concerns of the weak agricultural prices, including rice, rubber, tapioca, corn and palm oil.

The World Bank forecasts Thailand’s economic growth of 3.5% in 2017, gaining traction with global growth which resulted in strong export, together with higher government spending, although private investment continued to be slow.

In 2018, the World Bank expects the country’s economy to expand further to 3.6%. The continued improvement of export including tourism will eventually spur manufacturing activities, capital goods and private investments. Public infrastructure spending to connect lagging regions and upgrade rail through dual tracking will also attract private investment, raise economy-wide productivity and improve investor sentiment. Furthermore, the agricultural recovery and strengthened household balance sheets will support consumption growth.


The World Bank reported that the economic growth in China remained solid throughout 2017, with GDP growth of 6.9% for the year. The growth was supported by a rebound in the industrial sector, a resilient property market and strong export growth following the stronger global economic environment. The pick-up of the 2017 growth was the first annual acceleration for the economy since 2010.

Over the next few years, China’s growth model will change to focus more on sustainability and quality rather than on speed. The World Bank forecasts a slightly slower GDP growth of 6.4% in 2018. Although personal consumption is expected to remain strong, the slower forecast of economic growth is due to less accommodative monetary policy and the government’s effort to control credit and debt. China’s credit continued to grow faster than GDP, with outstanding bank loans reaching 150% of GDP in November 2017 compared to 103% at the end of 2007. The slower GDP growth in the near term will improve China’s long-term economic prospects. In any case, even China’s slower growth still outpaces the developed economies.


Australia’s economy grew at an annual rate of 2.8% for the four quarters ending September 2017. The growth was attributable partly to the pick-up in private investment, with four consecutive quarters of investment growth, and partly to the weak September 2016 quarter. However, the household consumption remained weak. With the muted wage growth, households started to save more and pulled back significantly on spending at cafés and restaurants, recreation, household goods, alcohol and tobacco and health services.

The Organization for Economic Co-operation and Development (OECD) projected that Australian economic growth will be at the similar trend of 2.8% in 2018. The non-mining sectors, including investments, will drive the overall activities. The strengthening labor market and household incomes will sustain private consumption, and inflation and wages are expected to pick up gradually.


Singapore’s Ministry of Trade and Industry forecast full year GDP growth to be 3 - 3.5% in 2017, primarily attributable to the global growth which benefited the manufacturing sector, in particular the semiconductorrelated sector. Domestic demand, however, has not shown much improvement in 2017, as weakness in both the property and labor markets has weighed on household consumption. Lingering concerns about the health of Singapore’s economy have an impact on how often consumers go to restaurants and how much they spend. Economic data showed restaurants as the laggard in the food services sector. Sales dropped 3.4% y-y in the third quarter of 2017, after falling 10.1% and 9.3% in the first and second quarter respectively. Furthermore, the restaurant sector in Singapore continued to experience intense competition with many new restaurant concepts emerging amidst shopping centers’ effort to attract traffic.

For 2018, the economic expansion is expected to remain steady, with a growth of 1.5 - 3.5%. The manufacturing sector is forecast to continue to expand on the back of external demand, providing support to overall GDP growth. However, the spill-over from the manufacturing sector on the rest of the economy is expected to be limited.

Comparative Market Share of Western Casual Dining in Thailand

2017 Estimated Market Share of Minor Food Group (MFG) in Thailand

Minor Food Group Revenue
Extract from Annual Report 2017
Performance Highlights and Development Plans

Minor Food reported revenue and net profit of Baht 23,582 million and Baht 1,913 million in 2017, an increase of 2% and 14% respectively from core 2016.

With our overseas presence, Minor Food today operates under a hub system. Thailand, home of our head office and the origination of our restaurant business, remained our largest hub, contributing 60% of Minor Food’s revenue in 2017. Australia and China each contributed 14% to Minor Food’s revenue, followed by 9% from Singapore. The following are the highlights of Minor Food’s development in 2017.


Thailand continued to be Minor Food’s biggest contributor. At the end of 2017, Minor Food had a total of 1,341 outlets in Thailand under the brands The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King, The Coffee Club, BreadTalk and Thai Express, an increase of 5% from 2016. Of the total number of outlets, 866 are company-owned while the remaining 475 are franchised. 2017 was a difficult year for Thailand as the nation went through the national mourning period for the first 10 months of the year, and the consumer confidence experienced some weakness, especially in the beginning and middle of the year. As a result, the overall same-store-sales for the year was flat compared to 2016. With the outlet expansion, revenue of Thailand hub increased by 5% in 2017 compared to core revenue in 2016. We attribute our success to the strong brands, product innovations and operational excellence.

Our operations have proven to be resilient as a result of brand diversification. Each brand takes its turn in the successful launch of new hero products. Back in 2015, The Pizza Company successfully launched crispy thin pizza. In 2017, Swensen’s, the brand with second highest total-system-sales in Thailand, introduced many new initiatives that resulted in sales increase. In the beginning of the year, Swensen’s enhanced the product presentation of its sundaes, focusing on attracting the millennials. In addition, we strengthened our kids’ segment with the launch of kids’ sundaes to target the family segment. Towards the end of the year, Swensen’s introduced a new product line, the Korean Ice Cream Bingsu dessert, which is shaved ice in various flavors. The new product resulted in double-digit same-store-sales growth for Swensen’s in December 2017.

Burger King continued to deliver double-digit totalsystem- sales growth in 2017 with its successful strategy to expand the local customer base. In addition to opening new outlets in local communities which included both stand-alone format in gas stations and drive-thru, we have also increased the ordering channel through delivery services, which are offered through both our own website as well as third-party delivery aggregators. We continued to create new and innovative local menus, such as salted chicken with sticky rice in order to cater to local taste.

The Coffee Club in Thailand has been successful in its operations and expansion, with 2017 same-storesales and total-system-sales growth of 7.5% and 36.2% respectively. Throughout the year, we launched numerous creative and exciting menus, both drinks and food. We introduced super shake desserts and infusion cold brew drinks in various flavors, breakthrough dishes such as croissants and egg benedicts with assorted toppings and dessert pancakes. In addition, in order to capture the change in consumer behavior trends of moving towards the digital world, The Coffee Club introduced its own mobile app, which can be used for both delivery and takeaway. Furthermore, the strategic opening of The Coffee Club in serviced apartments and hotels with high tourist traffic flow helped accelerate the total-systemsales growth.

At the end of 2017, Australia hub had a total of 431 outlets. The Coffee Club remained the biggest contributor to the Australia hub, with over 80% of totalsystem- sales. The brand’s outlets are primarily in Australia and New Zealand, with presence in Thailand, the UAE, the Maldives, Indonesia and Seychelles. In 2017, Australia hub contributed 14% of Minor Food’s revenues, and reported net profit growth of 12% from 2016.

As the domestic consumer spending continued to be challenging in 2017, we remained cautious in our outlet expansion in Australia. Instead, we focused on overseas expansion of The Coffee Club, primarily in Thailand and the UAE. During the year, we also focused on the expansion of our upstream, higher margin business, Veneziano Coffee Roasters. This has resulted in higher overall profitability for the hub.

Minor Food operates the brands Riverside, Sizzler and Thai Express in China, with a total of 76 outlets at the end of 2017. We strongly believe in the growth potential of Riverside, the Sichuan barbecue fish concept and our key brand in China, and increased our shareholding in Riverside from 69% to 85%. For the Thai Express brand, we expanded through the franchise business model, with the launch of the first franchised outlet at the Beijing International Airport in 2017. Our China hub demonstrated profitable operations for the fifth consecutive year in 2017, with improving net profit margin in 2017.

Riverside, our main brand, continued to exhibit strong performance with positive same-store-sales growth throughout the four quarters of 2017. Sizzler and Thai Express, the two smaller brands, reported negative same-store-sales growth. In response to the soft performance of the two brands, Minor Food has taken the initiative to launch new generation of Sizzler and Thai Express outlets, which included localizing the food taste, modifying the menus, improving the product presentation and adjusting the dish sizes.

With the fast-growing technology trend in China, Riverside has offered mobile ordering experience. Once in the restaurant, customers are able to scan the QR code and use their phones to explore the menus and place their orders. This will result in higher efficiency, less human errors and lower costs. In addition, with the delivery trend, all three brands in China offer delivery menus, and collaborate with local delivery companies to provide food delivery services.

Our portfolio in Singapore consists of outlets primarily under the brands Thai Express, Xin Wang Hong Kong Café, Poulet and Basil. At the end of 2017, Singapore hub had 80 outlets, of which 57 are in Singapore itself. Over the past year, Minor Food has been focusing on adjusting its operations to the overall economic environment of Singapore. We have been rationalizing the portfolio by closing down the non-performing outlets, which resulted in a net closure of nine outlets in Singapore in 2017. Although this means a decline in overall revenues in Singapore, the hub is operating with better efficiency and generating improving margins.

As we understand that the overall restaurant industry in Singapore has been impacted by the economic challenges and increased competition over the past few years, we continued to expand our Thai Express network outside of Singapore. In addition to our presence in Vietnam with 21 outlets, we are building our network in Thailand and China.

In addition to the four main hubs, Thailand, Australia, China and Singapore, Minor Food operates 271 outlets in 15 countries in Asia, the Middle East, Indian Ocean and the UK. While some of these markets are small today, they have a potential to grow and contribute meaningful revenue and net profit in the future.

Our Cambodia, Laos, Myanmar and Vietnam (CLMV) market continued to grow rapidly in 2017. Our outlets under the brands The Pizza Company, Swensen’s, Thai Express and Burger King in CLMV countries increased by almost 30% to 133 outlets at the end of 2017. During the year, we also entered into a new market, Seychelles, with the opening of two outlets, one Burger King and one The Coffee Club.

Minor Food continued to develop the Thai food portfolio as we believe in its potential in the long term. In 2017, Patara Fine Thai Cuisine Limited, our 50% joint-venture company, successfully acquired the four existing Patara restaurants in the UK, resulting in a total of seven Patara outlets in the portfolio at the end of 2017. In addition, we converted loan to 70% equity in Grab Food, the Thai restaurant concept in the UK under the brand Grab Thai, with easy, relaxed, fast and quality Thai street food that Thais eat every day. At the end of 2017. Grab Thai had a total of five outlets.