Guyana-based Corum Restaurant Group is now planning the expansion of the iconic P.F. Chang’s franchise’s footprint across the Caribbean, with its sight set on Jamaica as its next stop.

The company disclosed its plans at the official opening of the first P.F. Chang’s location on High Street in Georgetown, Guyana. The rapid expansion of the quick-service restaurant (QSR) is made possible with JMMB Group taking minority equity stake in the company and arranging debt financing for Corum Restaurant Group.

Just last year, JMMB announced the acquisition of the minority stake in the Guyanese restaurant operator through its private equity vehicle Vertex SME Holdings Limited. At the time Corum operated 11 Pizza Hut restaurants in the oil-rich South American country.

Commenting on current expansion plans, founder and CEO of Corum Group Clairmont B Cummings said the partnership with JMMB Group will bolster its success.

“The JMMB partnership is also part of the strategic positioning, consolidation, and expansion of Corum Group into the regional market, where we intend to become a dominant player in the QSR and fast-casual restaurant space,” he said.

Cummings said the mission of the Corum Group is to establish P.F. Chang’s as a go-to destination for those seeking an exceptional dining experience in the Caribbean.

“The expansion aligns with the group’s commitment to quality, innovation, and customer satisfaction…The Kingston, Jamaica, location scheduled to follow suit will contribute to the group’s vision of creating memorable dining experiences across the region,” he added.

The P.F. Chang’s franchise is operated under Corum’s newest subsidiary, Caribbean Fusion Holdings Inc, which has the licence to operate franchises in Guyana, Suriname, Jamaica, Barbados, and Cayman Islands. The Guyanese-based QSR group also owns and operates the Pizza Hut restaurant franchise in that country.

JMMB Group supports regional business expansion

In keeping with Vertex’s unique value proposition, Corum benefitted from the appointment of directors to its board who provided best-in-class technical expertise in a number of key strategic areas for the company and general oversight, while the company’s management remained the same.

Jonathan Bair, corporate manager – private equity at JMMB, shared, “We are excited about this partnership with Corum because it is in line with our commitment to providing innovation, technical expertise and financing solutions to support the growth of small and medium-sized enterprises and corporates.”

He further outlined that this regional roll-out of P.F. Chang’s is expected to be highly successful, considering the market’s response to similar international brands and the affinity for Asian-cuisine.

This deal underscores JMMB Group’s ability to leverage its cross-border capabilities in supporting companies on a growth path by taking a group approach to providing a full suite of financial solutions including: investment management service, insurance brokerage, local and international equities, foreign exchange, pension schemes. As evidence of this, JMMB Bank recently, through a syndicated facility, provided partial debt financing for the Norbrook Equity Partners-led acquisition of the KFC and Dairy Queen franchises in Panama, to the tune of US$3 million.

Alwayne Cousins, JMMB Group’s country corporate client partnership officer – corporate banking, in sharing insight into key growth areas, outlined that the company has seen increased interest from corporate and institutional clients, especially in the manufacturing, retail and food services sectors, who are looking to tap new markets.

“As such, JMMB Group stands ready to provide win-win opportunities to support these businesses to realise their full potential, in line with its strategic thrust to deepen its presence in the region,” added the JMMB exec.