REEF Technology plans to pursue an ownership stake in 800 Degrees Go, a pizza dining concept in the US.
Both brands have also agreed to extend their partnership and open five hundred 800 Degrees Go locations across the US and overseas.
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REEF kitchens and brands executive vice-president Kenneth Rourke said: “As one of the largest operators of restaurant brands in the world, REEF is looking for incredible brands with potential for growth globally.
“We’re investing heavily in the success of 800 Degrees Go into our ghost kitchens because we believe 800 Degrees Go is one of those brands. We look forward to growing the brand as well as our stake in the company.”
Rourke will also join 800 Degrees Go’s board of directors.
800 Degrees Go has already opened more than 40 REEF locations across 13 markets and intends to open more than 100 further locations by the end of the year.
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By GlobalDataAdditionally, the dining pizza concept chain plans to open its first brick-and-mortar location in Burbank, California, this summer.
The new store will also serve as its hub for research and development (R&D), as well as training, and support the expansion of ‘800 Degrees Go by Piestro’ robotic pizzeria pods.
It anticipates around $19m in annual sales by the beginning of 2023 and estimates growth of up to $160m over the next five years, excluding 800 Degrees Go by Piestro sales.
800 Degrees Go CEO Tommy Lee said: “As our ghost kitchen business grows with REEF, we will significantly expand our brick-and-mortar footprint, followed by the ‘800 Degrees Go by Piestro’ robotic pods.
“Explosive growth is well within our grasp as we move through the next five years of business.”
