Focusing on Ashley... Eland to Sell Nine Food and Beverage Brands

Samjong KPMG Appointed as Lead Manager for Sale of Eland Eats Brands

Eland Group has begun the process of selling nine food and beverage (F&B) brands operated by its subsidiary, Eland Eats.

According to industry sources on August 7, Eland Eats has recently appointed Samjong KPMG as the lead manager for the sale and is seeking potential buyers for these brands. The brands include six dining brands?Bangung, Steak Us, Teru, Teppanyaki Dagwo, Asia Moon, and Huwon?as well as three cafe and dessert brands: The Cafe, Cafe Lugo, and Perkeno.

Ashley Queens appearance. E-Land Eats

Eland Eats was established in 2019 when the restaurant business division of Eland Park was spun off. The company operates 19 restaurant brands, including the buffet-style family restaurant brand Ashley, as well as Jayounbyeolgok (Korean buffet), Pizzamall (pizza), and Roun (shabu-shabu).

This sale is interpreted as a strategic decision to phase out brands with low contributions to overall performance and to focus business capabilities on Ashley, the core brand. Last year, Eland Eats recorded sales of 470.5 billion won, a 32% increase from the previous year, and operating profit of 31.9 billion won, a 79% rise. Ashley accounted for about 70% of total sales.

An Eland Eats representative explained, "While buffet brands such as Ashley Queens, Roun, and Pizzamall are performing well, this is one of several options we are considering as part of our strategy to select and focus on our core strengths."