Chinese hotpot chain Little Sheep has announced that it has completed the integration of eight additional franchise restaurants, increasing the number of self-managed restaurants it owns to 143.
According to a report published by the company, the acquisition of eight restaurants, including six in Henan and two in Fujian, involved expenditure of CNY59 million. In addition, the company said it will continue to acquire other franchise restaurants to enhance its control over these restaurants.
Meanwhile, Little Sheep revealed in the report that the company had opened nine self-managed restaurants since the beginning of 2009. The executives of the company emphasized its goal is to open at least 40 self-managed restaurants before the end of this year.
After being listed in Hong Kong in June 2008, Little Sheep said it planned to open over 60 new chain restaurants in 2009. However, due to the financial crisis, the company has adjusted its plan and lowered its goal to 40, which is the same as that of 2008.