WEN - Wendy's partners with Flynn Restaurant Group to build restaurants in Australia

2023-08-09 10:49:23 ET

Burger chain Wendy's Co ( NASDAQ: WEN ) said on Wednesday that it had signed a new master franchise agreement with Flynn Restaurant Group to build 200 Wendy's restaurants in Australia through 2034.

Shares of Wendy's rose nearly 3% in early trading.

The company had previously announced in February that it was planning to enter the Australian market. Wendy's added that Flynn will serve as the exclusive master franchisee in Australia.

"Australia is a strategic market for long-term growth for Wendy's," said Abigail Pringle, president, international and chief development officer in a statement .

The fast-food chain expects its agreement with Flynn to drive growth in Australia primarily after 2025, with the goal of developing 200 restaurants through 2034, through a mix of equity stores and sub-franchise partners.

According to Wendy's, Flynn currently operates nearly 200 Wendy's locations in the United States. Flynn also operates restaurants for Applebee's, Taco Bell, Panera, Arby's and Pizza Hut in the U.S.

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