Brewing giant Asahi set to sell restaurant business, Nikkei reports (updated)

Asahi group

25/07/2024 20:55

(Updates with further details and background from paragraph 2
onward)
       July 26 (Reuters) - Asahi Group  2502.T  plans to sell
its struggling restaurant business, Nadaman, to a Japanese peer
as the country's biggest brewer looks to exit the segment to
focus on alcoholic and other beverages, Nikkei reported on
Friday.
    The brewing giant is looking to sell the business for an
undisclosed sum, the report said, adding that an agreement had
been signed between the parties in July and the transaction is
expected to be completed on Sept. 1.
         Japanese food services firm Onodera Group, which runs
the Ginza Onodera chain locally, in the U.S. and China, will
takeover Nadaman, Nikkei said.
         "We decided that the best thing to do was to hand over
Nadaman to an owner that understands the characteristics of the
restaurant business and can maintain and develop it," an Asahi
spokesperson told Nikkei.
  
        Nadaman has been in the red, logging net losses for five
straight years through 2023. 
  
        Asahi, since early 2023, has been intending to exit its
restaurant operations as part of its shift to its core alcohol
and beverage segment. It had previously sold a part of its beer
gardens to Japan's Colowide  7616.T  and had then transferred
the entirety to the pub and restaurant chain. 
        Asahi did not immediately respond to a request for
comment. 
  
        
  
    

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Mohammed Safi Shamsi)
 ((Rishav.Chatterjee@thomsonreuters.com;))